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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.
"These are staggering numbers," Lynch says.
Big revenue losses mean that the U.S. budget deficit may be larger than predicted this year and in future years.
It means that Obama is paying more than he is getting in and the unemployment is still high.
If Obama wants to have his big program such as UNIVERSAL HEALTH CARE passed, he will TAX us.
We are going to be taxed in every way.
Last edited by NEPatriot; 05-27-2009 at 12:26 PM..
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It means that Obama is paying more than he is getting in and the unemployment is still high.
If Obama wants to have his big program such as UNIVERSAL HEALTH CARE passed, he will TAX us.
We are going to be taxed in every way.
I doubt he will increase taxes on the vast majority of Americans. It would absolutely be the wrong thing to do in the current economic crisis. It would be best for the tax system to remain unchanged until we are sure we're on the path to growth. Right now, no one can say that with a straight face.
It means that Obama is paying more than he is getting in and the unemployment is still high.
If Obama wants to have his big program such as UNIVERSAL HEALTH CARE passed, he will TAX us.
We are going to be taxed in every way.
"He is paying more than he is getting in".
Great job, NEP. It dawned on you! That's exactly what deficit spending is.
W. merely spent more and cut taxes at the same time - - - He went ALL the way for economic suicide!
The April 2009 tax receipts, btw, are based on what people and co.s made (or didn't make) in 2008. Obama has already warned the country ever since before his election that the deficit would have to be blown up even further for the next several years merely to save the baby.
Taxes, taxes, taxes.......Bush gave us TWO of the most widespread and sweeping tax cuts in American history - - which basically brought our country to ruin.
Low taxes are important, but don't lose sight of the cost of living, inflation, energy prices, the strength of the dollar, productivity, etc. It's incredible how 20% of this country focuses on their tax bill while they are happily driving on crumbling bridges, mortgaging our country to China and choking off long-term US economic competitveness in the world market.
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"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
Great job, NEP. It dawned on you! That's exactly what deficit spending is.
W. merely spent more and cut taxes at the same time - - - He went ALL the way for economic suicide!
The April 2009 tax receipts, btw, are based on what people and co.s made (or didn't make) in 2008. Obama has already warned the country ever since before his election that the deficit would have to be blown up even further for the next several years merely to save the baby.
Taxes, taxes, taxes.......Bush gave us TWO of the most widespread and sweeping tax cuts in American history - - which basically brought our country to ruin.
Low taxes are important, but don't lose sight of the cost of living, inflation, energy prices, the strength of the dollar, productivity, etc. It's incredible how 20% of this country focuses on their tax bill while they are happily driving on crumbling bridges, mortgaging our country to China and choking off long-term US economic competitveness in the world market.
Admiting that Obama doesn't improve anything when he doubled the country debt and publicly said "we are out of money".
It's no longer a Bush's policy any more. It's Obama NOW. The blaming game is not going to work.
You voted for him because you hoped that he would turn this country around. The only thing you heard from him was "we are out of money".
What did he do with the last TRILLION dollars that he THREATEND US to give if YOU WANTED to see some changes?
I'm sorry that Bush gave you 800 billion dollars DEBT but it is INEXCUSABLE for Obama to double it and declare the bankruptcy of US WHEN he has been in the office for 5 months.
Last edited by NEPatriot; 05-27-2009 at 11:58 AM..
Admiting that Obama doesn't improve anything when he doubled the country debt and publicly said "we are out of money".
It's no longer a Bush's policy any more. It's Obama NOW. The blaming game is not going to work.
You voted for him because you hoped that he would turn this country around. The only thing you heard from him was "we are out of money".
What did he do with the last TRILLION dollars that he THREATEND US to give if YOU WANTED to see some changes?
I'm sorry that Bush gave you 800 billion dollars DEBT but it is INEXCUSABLE for Obama to double it and declare the bankruptcy of US WHEN he has been in the office for 5 months.
You keep making a big deal out of the "Out of money" quote.
Did the country shut down this week, or are you hallucinating? As opposed to his predecessor, THIS President is not trying to blow smoke up the electorate's arse. He's speaking to us as ADULTS. The previous President kept telling us not to worry about deficits - - that we could cut taxes and enjoy ourselves without repercussions.
Time to grow up.
__________________
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
You keep making a big deal out of the "Out of money" quote.
Yes, it's a BIG deal. Without the money, we simply can't do anything. What the hell did Obama do with the last TRILLION dollars?
How can we go from being the RICHEST country to bankrupted one WITHIN 5 months? You tell me and It's not a big deal? It's unbelievable!
Quote:
Did the country shut down this week, or are you hallucinating? As opposed to his predecessor, THIS President is not trying to blow smoke up the electorate's arse. He's speaking to us as ADULTS. The previous President kept telling us not to worry about deficits - - that we could cut taxes and enjoy ourselves without repercussions.
Time to grow up.
You kept saying about Bush's 800 billion debt and it was not a small deal according to you.
When Obama doubled it and declared the bankruptcy of US WITHIN 5 months in the office, it's a small deal. I got it
Yes, it comes from a guy WHO promised TOO MUCH and did nothing to improve it.
You heard my public apology about Bush's billion dollar debt right? Can you do the same? I suppose that you need to grow up and be accountable.
You can't blame BUSH now because it's OBAMA. Remember it.
Last edited by NEPatriot; 05-27-2009 at 12:15 PM..
I doubt he will increase taxes on the vast majority of Americans. It would absolutely be the wrong thing to do in the current economic crisis. It would be best for the tax system to remain unchanged until we are sure we're on the path to growth. Right now, no one can say that with a straight face.
They have ALREADY INCREASED TAXES ON THE VAST MAJORITY OF AMERICANS, when they did not extend the Bush tax cuts.
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The Jets look like a Super Bowl contender right now about as much as Rosie O’Donnell looks like a threat for the Miss America crown. -NY Post 12/19/2011
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Isn't the revenue from the Bush regime? thats from last year....right?
Its like you people just figured out math.....GEE...when I lower taxes on the richest people, and spend more than all presidnets before me pu together.....our revenue goes DOWN?
what the **** did you think was going to be the result of lowering taxes and increasing spending during two wars?
Hmmmmm.......
you peeps are goofy......REAL GOOFY!
Last edited by Holy Diver; 05-27-2009 at 06:31 PM..
Isn't the revenue from the Bush regime? thats from last year....right?
Its like you people just figured out math.....GEE...when I lower taxes on the richest people, and spend more than all presidnets before me pu together.....our revenue goes DOWN?
what the **** did you think was going to be the result of lowering taxes and increasing spending during two wars?
Hmmmmm.......
you peeps are goofy......REAL GOOFY!
Lower taxes due to investment losses. I am a SMALL TIME investor. And, yet, my losses in 2008 compared to my gains in 2007 saved me a few thousand bucks come tax time. Bush lowered tax rates but he didn't do it last year - the loss in investments hits the treasury too . . . because, after all, the rich pay almost the entire income tax.
IRS tax revenue is DOWN 34%
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