The Treasury Department is reporting that they just experienced a record one-day tax collection of $48.7 billion on April 24. Here’s the full story:

U.S. tax receipts from individuals hit a record one-day high of $48.7 billion on April 24, a Treasury Department official said on Wednesday. The previous record was $36.4 billion, set on April 25, 2006, said Jennifer Zuccarelli, a Treasury spokeswoman.

The record reflects taxes not withheld from individuals over the course of the year, but paid to the government before this year’s April 17 income-tax deadline.

While some of those tax payments come from taxpayers who withheld less tax from their paychecks than they owed, much of it was owed on income from investments or profits. “This reflects the fact that Americans in high-income brackets had a very good year in 2006,” said Lou Crandall, chief economist at Wrightson ICAP in Jersey City, New Jersey.

The one-day total is a small fraction of the estimated $2.5 trillion in overall tax receipts the government is likely to collect in fiscal 2007, Crandall said. But strong tax revenues point to the likelihood of a shrinking budget deficit, he said.

Democrats will cast this as proof that the rich aren’t paying their “fair share”. Democrats will also seek to marginalize the impact that the Bush tax cuts have had on the economy. Then they’ll point out that President Clinton had a budget surplus, making his economic plan better.

Of course, they won’t point out that he didn’t bother defeating the jihadists in Iraq and Afghanistan. They won’t talk about how Clinton’s surplus came at the expense of the military budget, either.

They say that facts are stubborn things. In this instance the facts say that the Bush economic model is a pretty solid model, despite the amount of overspending they did.

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Cross-posted at California Conservative

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