Biggest revenue drop since 1932


	Biggest revenue drop since 1932

jay8h

8-3-2009 6:25 PM

89 views

jay8h says:

"Our tax system is already inadequate to support the promises our government has made," said Eugene Steuerle,

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6e828b43-34a4-456c-9072-68d50cf31114/7A1CF60D-B459-4265-B284-6ADDF1F4B2D4/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/ap/us_plummeting_taxes" href="http://news.yahoo.com/s/ap/us_plummeting_taxes" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/us_plummeting_taxes"> Biggest revenue drop since 1932</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/us_plummeting_taxes"><P>WASHINGTON – The recession is starving the government of <SPAN id="lw_1249334842_0" class="yshortcuts">tax revenue</SPAN>, 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.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/us_plummeting_taxes"><P>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 <SPAN id="lw_1249334842_1" class="yshortcuts">Great Depression</SPAN>, while the federal deficit balloons to a record $1.8 trillion.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/us_plummeting_taxes">ther figures in an Associated Press analysis underscore the recession's impact: <SPAN id="lw_1249334842_2" class="yshortcuts">Individual income tax</SPAN> receipts are down 22 percent from a year ago. <SPAN id="lw_1249334842_3" class="yshortcuts">Corporate income taxes</SPAN> are down 57 percent. <SPAN id="lw_1249334842_4" class="yshortcuts">Social Security tax</SPAN> receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7A1CF60D-B459-4265-B284-6ADDF1F4B2D4/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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