U.S. federal government ran a $20.5 billion surplus in June

The U.S. federal government ran a $20.5 billion surplus in June on a surge of corporate and individual tax receipts, according to the Treasury Department. The surplus was down from $22.9 billion in June 2005.

For the fiscal year so far, the deficit is down 17% to $206.5 billion from $249.5 billion this time last year. Receipts are up about 13% year-to-date to 1.81 trillion. Outlays are up about 9% to 2.02 trillion. 

For the year, the government estimates the deficit will shrink to $295.8 billion from $318.5 billion. 

In June, receipts increased 13% to $264.4 billion and outlays rose 15% to $243.9 billion, both are record for June. 

In June, individual tax receipts totaled $106.5 billion. Corporate taxes totaled $67.3 billion. Payroll taxes totaled $59.0 billion. 

For the year-to-date, individual taxes are up about 14%, corporate tax receipts are up about 27% and payroll taxes are up about 6%. Nonwithheld individual income tax receipts are up 22% year-to-date to $322.5 billion, while withheld taxes are up about 8% to $649.5 billion. 

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