New Federal Budget Estimates
Federal receipts fell $44 billion between the first half of fiscal year (FY) 2001 and the first half of FY2002. In real terms, total receipts declined 6.2% over these two periods. Individual income taxes dropped $42 billion (10.9% in real terms), about half of which resulted from the 2001 tax cut. Receipts through March mostly reflect economic activity in 2001:IVQ, and do not yet confirm other macroeconomic indications of a strong rebound.
Suggested citation: "New Federal Budget Estimates," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 13, 05.01.2002.