One's Observations

A collection of some things I observe along the way.

Retrieving...
10/12/2009

Tax Revenue Falling

Quit a pickle we are in now.

"But one of the driving factors that has gotten less notice: plummeting tax revenue. The crisis, after all, walloped company profits and savaged Americans' income stream."

"Through the end of August, Uncle Sam collected 25% less in tax revenue for the year than he did during the same period a year earlier. The two biggest culprits -- a 56% drop in corporate income tax revenue and a 20% drop in individual income tax revenue."

"On balance, the Congressional Budget Office expects that tax receipts will be 14.9% of gross domestic product this year, well below the historical 18.3%average."

"While revenue forecasts for next year are better, the CBO estimates tax receipts will only make up about 15.7% of GDP." (CNN Money Article)


0 comments:

Subscribe

Share and Save

Blog directory
Bloggapedia, Blog Directory - Find It!