From today's monthly budget report, from the Congressional Budget Office, on federal tax receipts through December, the first quarter of fiscal year 2007, compared to the first quarter of fiscal year 2006:
Individual income tax receipts increased by 9% to $251 billion.
Corporate income tax receipts increased by 22% to $99 billion.
Overall tax receipts increased by 8.1% to $573 billion.
At that rate, federal tax receipts this fiscal year would hit $2.3 trillion by next September, and set an all-time historical record for tax revenue collected.
Q: What tax cut?
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