The Taxman Rolleth In Dough

Income tax revenue is soaring, and economists can't say why

Where's all that money coming from? Tax revenues are pouring into Uncle Sam's coffers. Individual income tax collections this June were 23% higher than in June, 1996, according to tallies of the Treasury Dept.'s daily financial reports by Chase Securities Inc. Through nine months of fiscal 1997, the total is up 14% (chart). The result: When the government closes its fiscal year on Sept. 30, the budget deficit could fall below $50 billion--less than a third the red ink projected only a year ago.

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