Largest one year decline since the Great Depression.
By Daniel at 6 August, 2009, 3:04 pm
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The recession is draining government tax revenues at a particularly inopportune time, according to a recent report.
This week, an Associated Press analysis found that federal tax receipts are likely to drop by about 18 percent this year, which would mark the largest one year decline since the Great Depression.
The wire service notes that this comes at the same time as a projected federal deficit that is likely to hit a record-breaking $1.8 trillion.
Other grim tax statistics provided by the AP show that personal tax payments are down 22 percent, corporate tax receipts are down 57 percent, and Social Security and Medicare tax receipts are both poised to suffer rare setbacks as well.
“Our tax system is already inadequate to support the promises our government has made. This just adds to the problem,” former Treasury official Eugene Steurle said.
GreatObamaCrash
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