Thanks Barack… Tax Revenues See Biggest Drop Since Great Depression
More bad news…
Tax revenues this year were even lower than expected.
The AP reported:
The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation’s plate and struggling to find money to pay the tab.
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent 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 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
But, don’t expect this to slow Dems from pushing their massive health care boondoggle.
This news won’t faze them one bit.
Dems today vowed to pass Obamacare with or without Republicans.
More… Ed Morrissey pointed out that despite the oft-repeated canard that the Bush administration favored big business, the biggest increases in corporate tax revenue in the last generation came during the Reagan and Bush years.