September 18, 2006
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Under Secretary Randal K. Quarles Statement On Record-High Corporate Tax Receipts

Treasury Under Secretary for Domestic Finance Randal K. Quarles issued the following statement today regarding the record-high tax receipts reported Friday, Sept. 15:

"As a continuing demonstration of the strength of the U.S. economy, corporate tax receipts on Friday's quarterly payment date again reached a record high. In fact, Friday's gross receipts were the largest in a single day in the nation's history - 20 percent higher than receipts on the same quarterly tax payment date last year.

"This revenue growth comes in receipts that were already increasing substantially as a result of the President's economic policies. Last year's tax receipts were also a record high, having grown $275 billion, 14.6 percent, from the previous year. At this point in the year, overall tax receipts are running 11.7 percent higher than last year.

"The strength of our tax receipts over an extended period of time reflects the strength of our economy and the results of President Bush's pro-growth policies. These policies have been the framework for an economy that has created more than 1.7 million jobs over the past 12 months and more than 5.7 million jobs since August 2003. Our economy has now added jobs for 36 straight months.

"Strong revenue growth, together with fiscal restraint, is critical to deficit reduction. As today's announcement shows, we are firmly on the path to meeting the President's goal of cutting the deficit in half ahead of schedule."

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