Tuesday, May 1, 2007

How Much Is 49 Billion, Anyway?

Last week, I mentioned that the Federal Government took in $49 billion in taxes in one day, or roughly the GDP of Costa Rica. The Club for Growth has done some more research, and lets us know that:

The ENTIRE Federal budget didn't surpass that one day income tax receipt total until 1952. Think about that. The individual income tax receipts in one day last week were greater than the entire budget of 1951.

The week's individual income tax receipts exceeded all Federal spending until 1963.

Brian Wesbury estimates total "federal receipts at about $390 billion in April. This would be the largest tax take for any month in American history, up 25% versus last April, and up 18% versus the previous record high in April 2001."

Federal spending didn't top $390 billion until 1977.

I sure hope everyone is happy with what we have bought ourselves with that much money. Oh, wait, you didn't get anything you wouldn't have gotten in 1950?


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