IRS tax revenue falls along with taxpayers' income

IRS tax revenue falls along with taxpayers' income

www.usatoday.com

Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.

When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It illustrates how severe the recession has been."

For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago.

(visit the link for the full news article)

This should be no surprise to anyone, with the current economic dynamics direct revenue would have to be lower. The problem is that the same Treasury Department that is seeing markedly reduced tax revenue has no problem writing huge checks for the current administration's kiting scam... Errr... Bailout. Our government has no problem with spending well beyond it's means with one hand, while vilifying those that practice fiscal responsibility (think GM & Chrysler bondholders).

The easy way out? Stop spending and cut taxes!

www.usatoday.com
(visit the link for the full news article)

Beat me to it Mirthful.

The government's plans are not working and it is obviously showing...

Pfft, raising taxes in a depression is the most stupid thing any government on the face of existence has ever thought of.

Originally posted by Tentickles
Beat me to it Mirthful.


You have a beautiful way with sarcasm!

To add insult to injury, our GREAT leaders are going to implement a national sales tax (25%) on all items.

Keynesian would be proud of our present Administration!

Never fear, the government will make up the difference in the end.

They will tax you on the left, tax you on the right, charge you a fee in the middle as they continue to spend, spend, spend.

Then they will tax you again as a result of your sins and once again they will spend, spend, spend.

A never ending spending spree and more taxes is what we are going to continue to see.