Posted on 07/01/2009 3:29:10 PM PDT by tired&retired
Tax Revenues Take a Dive Washington, D.C. (May 27, 2009)
By WebCPA Staff
PrintE-mailReprints Federal tax revenues plunged 34 percent in April to $266 billion, compared to $404 billion in April of last year, according to a new study.
An analysis of Treasury Department data by the American Institute for Economic Research found that individual income tax revenues fell 44 percent in April 2009 to $137 billion, compared to $244 billion in April 2008. That’s not good news because April is the month when federal tax revenues tend to be highest because of the tax-filing deadline.
Corporate income tax revenues fell even more steeply, plummeting 64 percent to $15 billion last month, compared to $42 billion in April 2008. Social Security and other payroll taxes remained fairly steady, losing only $1 billion in a decrease from $92 billion to $91 billion. Other sources of federal tax receipts fell 12 percent from $26 billion to $23 billion.
“The Obama administration projects that revenues will rebound in 2011, partly as a result of the stimulus package,” noted AIER senior fellow Kerry Lynch. “Indeed, they project that revenues will eventually be larger, relative to GDP, than they were even during the boom years of the late 1990s (when we had budget surpluses).”
However, she added, even if that does happen, the administration also predicts that government spending will be so much higher each year that large deficits will continue, and the national debt will double over the next decade.
I say ‘Good!’ Starve the beast!
Depriving the beast via payments in the form of tax collections is the ONLY thing that will stop this government as it stands today.
Don’t worry, next year will tell a different story. WE will be broke but the government and its taxes will live on...
Time for the GOP to scream about the impact on the deficit models.
Why?
1- Business risk incentives have been destroyed.
2- Complete lack of confidence in U.S. markets.
3- Future tax uncertainty undermines investment, staff expansion, general spending, and lending.
4- Cap and Trade places unknown burdens on future operating expense.
5- Who all will the government steal from to pay for providing everyone with an insurance card while they pretend that is a substitute for healthcare?
HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA I didn’t make my first two quarterlies this year!!!! HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA! Thank me for this! HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA!
Reducing taxes = more Revenue! But economic morons lead us all!
Laffer is Laffing!
Would someone please explain to these people that paying a govt. worker and then taxing him is a net loss - every time.
Let’s ask the brilliant Turbo Tax Tim Geithner what should be done. Yeah, that’s the ticket.
Well, I’m self employed and my revenues were down 29% last year. The refund from estimated taxes was equal for the 1st Qtr estimte so the Feds got ZERO from me in April - same thing for the State.
Agreed, however the beast will change the rules and do what it takes and any cost to sate it's hunger.
First on the agenda, remove all vestiges of the 2nd amendment from the Constitution to prevent the stifling of it's feeding frenzy.
Many more are on the agenda....
They haven't even raised taxes yet. Wait until they go up on the rates and watch revenues plunge. Then Laffer will have the last laugh.
Gosh, I think Ronald Reagan had a solution for this...I just can’t remember what it was...it’s on the tip of my tongue...think, think, think...hmmm...
Seriously, I need to stop reading these news stories as I pull out the little hair I have left involuntarily...
How’s that future predictin been goin for you Baracko? Kinda missed that top at 8% unemployment, didn’t you.
Gosh...we have to raise taxes to compensate... We have to tax our way to prosperity!
My income is down 50% since this time last year. My quarterly payment was 50% of what I sent last year. At the rate things are going, next quarter, they will get another 25% less than that.
That's a very roundabout way to say "massive tax increases."
“I say ‘Good!’ Starve the beast!”
I agree. Along with that there also has to be an ongoing effort to make sure the public knows just what this means regarding deficit spending.
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