May 10, 2006
JS-4251

Statement of Treasury Secretary John W. Snow on Monthly Treasury Statement & Increased Tax RevenueOn the Tax Cut Package Reconciliation

"I commend the House and Senate tax negotiators for finalizing this package that will help to ensure continued economic prosperity for the American people. Lower tax rates on investment are at the heart of America's economic recovery and expansion, and I'm pleased to see that investors can now plan on those lower rates for the coming years. A continuation of strong investment will lead to ongoing economic expansion, job creation and higher standards of living for all Americans. Today's final agreement in the Congress is good news, indeed.

"Federal revenues surged in April with corporate tax receipts a record $46 billion, reflecting the strong economy. To date total tax receipts for FY 2006The Treasury Department reported today that to date total tax receipts for FY 2006 are at an all time high. What this all his means is we remain on track to meet the President's goal of cutting the deficit in half by 2009.

"Today's monthly treasury statement confirms what the President and this administration have been saying all along; tax relief will spur business investment, job growth and higher wages, all of which will lead to increased tax revenues for reducing the deficit."

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