Bush Tax Rate Cuts Raises Taxes

See Revenue Collections Hit Record in April Thursday May 10, 2007 by Martin Crutsinger, AP Economics Writer, the sub-headline “Revenue Collections Hit Record High in April, Improve Budget Deficit”. Included in the article:

■ “Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.”

■ “The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.”

■ “The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent.”