Higher-than-expected tax revenues in the United States are expected to make a dent in the federal deficit, according to early reports.
According to The New York Times, corporate taxes, individual taxes on stock-market profits and taxes on executive bonuses are mostly responsible for the high tax revenues. The White House has credited the gains to its policies, noting fast-rising tax revenues.
Office of Management and Budget director Rob Portman tells the Washington Times that compared to last year, tax revenues are up more than 10 percent. And the deficit for the first three quarters of this fiscal year was about $208 billion. That's down from almost $250 billion during the first three quarters last year.
Robert Siegel talks with Douglas Holtz-Eakin, a former Bush White House economist and a current fellow at the Council on Foreign Relations.