Biggest Tax Revenue Decline Since 1932
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.
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