Tuesday, September 19, 2006

Laffer Looking Good

Did someone say record tax receipt collections? At lower tax rates? Sounds a lot like the Laffer Curve to me.

The U.S. government just recorded record high tax revenues on the September 15th quarterly deadline date for business tax payments. It turns out that total receipts were a booming $85.8 billion.

Treasury Undersecretary Randal Quarles said Friday’s numbers provided a “continuing demonstration of the strength of the U.S. economy”.

Actually, overall tax revenues for that day, including personal taxes and payroll taxes, were the largest in a single day in the nation’s history. Twenty percent above a year ago according to Quarles.

I would simply call it the greatest story never told.