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The Congressional Budget Office that the federal budget deficit for the first 10 months of fiscal year 2012 will be lower than the corresponding period in 2011, largely due to higher tax revenue from corporations and individuals.

Tax Revenues Rise as Federal Deficit Drops

  • 8/15/2012

Tax Revenues Rise as Federal Deficit Drops

The Congressional Budget Office (CBO) said on August 7 that the federal budget deficit for the first 10 months of fiscal year (FY) 2012 will be lower than the corresponding period in 2011, largely due to higher tax revenue from corporations and individuals. In its monthly budget review, the CBO said the U.S. Treasury Department will report a deficit of $985 billion for FY 2012, or about $125 billion less than the same 10-month period in 2011.

The CBO said total receipts through July 2012 rose by 6 percent, to $2 trillion, which was $114 billion higher than a year ago. Corporate income tax revenue grew by $42 billion, largely due to changes in rules governing deductions for equipment. Other revenue increases were attributed to individual income tax revenue, which grew by $37 billion, and payroll taxes, which grew by $14 billion. Collection of estate and gift taxes rose by $5 billion, as did excise taxes, the CBO said.

Federal outlays held steady at roughly $3 trillion for the period in FY 2012 compared to a year ago, the CBO said. Federal outlays dropped for Medicaid, defense, education, unemployment benefits, and the refundable portion of the Making Work Pay Tax Credit, which expired in 2012, the CBO reported.

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