Biggest Tax Revenue Decline Since 1932

Wednesday, August 05, 2009

Thanks to the lean economic times, the U.S. government is hungry for cash, as tax receipts across the board have dropped the most in one year since the Great Depression. Overall, tax revenues are expected to be down 18% from 2008’s total, a decline not seen since 1932. Many of the most critical income streams the government relies on to fund programs are down even further, such as individual income taxes (off 22%) and corporate income taxes (plummeting 57%). The Associated Press estimates that Social Security taxes receipts may decline for only the second time since 1940, while Medicare taxes could drop for only the third time ever. Meanwhile, the national debt keeps climbing, currently estimated at more than $11 trillion.

-Noel Brinkerhoff
 
Tax Revenues Post Biggest Drop Since Depression (by Stephen Ohlemacher, Associated Press)

Comments

JAMES Raider 8 years ago
THE COMING MASSIVE TAX HIKE ON THE MIDDLE CLASS To initiate an advance on the lengthy economic turnaround, the joy ride of debt-spending-with-wanton-abandon mindset enjoyed by Bush and continued by Obama must be brought to a close. Here come the real tax increases on Everybody. http://pacificgatepost.blogspot.com/2009/08/obama-middle-class-income-tax-increases.html

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