The White House midyear budget says that an increase in tax revenues, mostly coming from relatively wealthy taxpayers, along with a good stock market performance, will drop the deficit to $333 billion this year.
That amount is $79 billion below last year's deficit, and nearly $100 billion below earlier projections. In a report, the White House said that the biggest revenue increases came from quarterly payments on capital gains and business income, instead of wage withholdings. A one-time contributor was the expiration of a tax break that allowed businesses to more quickly write off investments in new equipment. The improved revenues are coming in at levels 15 percent higher than last year.
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