The Federal Government’s FY 2006 Results Part 2: How Did Total Receipts Grow?
Political Economy Add commentsPreviously, I performed a “big picture” overview of the Federal Government’s reported FY 2006 budget results. Today I would like to look at Federal receipts in more detail. All numbers are from the U.S. Treasury Preliminary Statement of Budget Results for Fiscal Year 2006.
As a reminder, total Federal tax receipts increase from $2,153.3 billion in FY 2005 to $2,406.7 billion in FY 2006. This broke down as follows:
| FY 2005 Nominal $ (billion) |
FY 2006 Nominal $ (billion) |
$ Change YOY (billion) |
% Change YOY |
|
|---|---|---|---|---|
| Individual income taxes | 927.2 | 1,043.9 | 116.7 | 12.59 |
| Corporation income taxes | 278.3 | 353.9 | 75.6 | 27.16 |
| Social insurance and retirement receipts: | ||||
| Employment and general retirement | 747.7 | 790.0 | 42.3 | 5.66 |
| Unemployment insurance | 42.0 | 43.4 | 1.4 | 3.33 |
| Other retirement contributions | 4.5 | 4.4 | -0.1 | -2.22 |
| Subtotal, Social insurance and retirement receipts | 794.1 | 837.8 | 43.7 | 5.50 |
| Excise taxes | 73.1 | 74.0 | 0.9 | 1.23 |
| Estate and gift taxes | 24.8 | 27.9 | 3.1 | 12.50 |
| Customs duties | 23.4 | 24.8 | 1.4 | 5.98 |
| Miscellaneous receipts | 32.5 | 44.4 | 11.9 | 36.62 |
| Total receipts | 2,153.3 | 2,406.7 | 253.4 | 11.77 |
| Total on-budget receipts | 1,575.9 | 1,798.3 | 222.4 | 14.11 |
| Total off-budget receipts | 577.5 | 608.4 | 30.9 | 5.35 |
Therefore, the three largest increases in revenue in percentage terms were from miscellaneous receipts (whatever those are), corporate income taxes, and individual income taxes, respectively. The three largest increases in revenue in dollar terms were from individual income taxes, corporate income taxes, and employment and general retirement taxes, respectively.
Whether these revenue increases are one-time events or sustainable trends remains to be seen.
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