Tuesday, August 4, 2009
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.