Mike Conaway: “Looking at the tax cuts for 2001 and 2003, it might be helpful to get into the Record what one of the impacts has been…”

“Looking at the tax cuts for 2001 and 2003, it might be helpful to get into the Record what one of the impacts has been from those, from that tax policy being in place. For the first quarter of fiscal 2007, the Federal Government's deficit for those 3 months was $119 billion. For the equivalent period this year, the deficit is $80 billion, so a $40 billion improvement over last year. Why is that? Mostly because tax receipts and government receipts are significantly higher again this year for that quarter than they were last year. This year we have collected year-to-date from income taxes from individuals, $251 billion, versus $230 billion last year. This year, corporate income taxes are up the first quarter, almost $99 billion versus $81 billion. That has happened because this economy continues to grow. More people are working now than have ever worked. When those folks worked, they paid taxes.”