TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Tuesday, August 4, 2009

Tax Revenues Fall 18%, Biggest Drop Since Depression

From the Associated Press:

Tax receipts are on pace to drop 18% this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion. Other figures in an Associated Press analysis underscore the recession's impact:

  • Individual income tax receipts are down 22% from a year ago.
  • Corporate income taxes are down 57%.
  • Social Security tax receipts could drop for only the second time since 1940
  • Medicare taxes are on pace to drop for only the third time ever.

See the dramatic graph here.

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I don't understand this. We demonize our economy's producers, demanding that they pay more and more taxes (when the top 1% of earners already pay 40% of tax revenue)... and they thank us by finding ways to pay fewer taxes?

That doesn't make sense. Oh, wait...

Posted by: Daniel in Brookline | Aug 4, 2009 6:34:50 AM