Posted on 08/04/2009 6:18:05 AM PDT by Libloather
Tax receipts decline as U.S. deficit to set record
Published: Tuesday, August 4, 2009
Associated Press
WASHINGTON — The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation’s plate and struggling to find money to pay the tab.
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.
Other figures in an Associated Press analysis underscore the recession’s impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
The last time the government’s revenues were this bleak, the year was 1932 in the midst of the Depression.
“Our tax system is already inadequate to support the promises our government has made,” said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.
“This just adds to the problem.”
While much of Washington is focused on how to pay for new programs such as overhauling health care — at a cost of $1 trillion over the next decade — existing programs are feeling the pinch, too.
Social Security is in danger of running out of money earlier than the government projected just a few month ago.
(Excerpt) Read more at nhregister.com ...
Oops....Too late...500,000 cars are doing the death march!!
When they no longer cam meet the payments on those high end cars and the car dealerships take them back.
They think revenues are down now? Just wait until they raise all our taxes...No wonder China is worried.
Then we can take the older cars and crush them all into scrap metal! I mean, why bother reselling them just because they still have some value?
I read just this morning that a record number Americans are taking antidepressants. Maybe we all need to take a day or two off the Prozac and WAKE THE F*** UP, AMERICA!! YOUR LEADERS ARE NOT ONLY IDIOTS - THEY ARE DANGEROUS IDIOTS!!!
I've never bought a NEW car...always one a couple of years old..It's called "Best Buy for your MONEY".
Guess we’ll have to cut spending. BWAHAHAHAHAHAHAHAHAHH!
Weird thing though it was cheaper for me to buy a 2008 Milan than a used 2007 Milan.
Weird just weird.
It doesn't follow that old "i before e...except after c"...Drives me nuts!!
I know...BUSH'S FAULT!
One more reason Obama and the congress wanted to rush through the health-con and cap & tax.
They are going to financially kill us.
Gee and in the last year of the Bush administration on April 15, 2008 the US treasury collected the most taxes in history and that was with the “terrible” Bush taxes cuts in place. Just wait until Obama starts with his soak the rich new taxes and tax revenues drop even more.
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