Originally Posted by Prison Bitch
The article I read says that revenue went up 4% and spending went down 5%. So if Obama was arguing for higher revenue and lower spending, then he can use this as a feather in his cap.
Since the article doesn't break down what portion of extra revenue came from higher rates on wealthy earners vs what came off the expiration of the lower FICA witholding, we can't even say for sure the wealthy are causing the surplus.
Um, yes we can. Higher rates haven't kicked in for higher income earners haven't hit the books yet. The forms they need to do their taxes usually aren't mailed until the end of January.
This is almost all due to higher tax collections from withholdings. There is a financial analyst (can't remember his name always gets cross posted where I read) who love this data series because it is more timely and he feels it catches inflection points in the economy better. This data series has been trending up for quite awhile now.