Wednesday, March 11, 2009

Corporate tax revenue plunged 45 percent Deficit Doink


Corporate tax revenue in the past five months has plunged 45 percent from a year earlier. Individual tax collections were the lowest since May, 1985.

This does not bode well for the future. I guess this explains why income tax rates are going up. It remains to be seen if corporation will end up paying more tax--unlikely. One thing is clear, we won't be seeing increases in capital gains taxes paid any time soon.
Also,
  • budget deficit rose$192.8 billion (lower than forecast)
  • revenue dropped 17 percent to $87.3 billion
  • Rising foreclosures and 14 straight months of job losses are cutting tax receipts
  • individual income taxes fell 64% to $8.7 billion (yikes, the lowest monthly total since May 1985)
  • The deficit in 2008 totaled a record $459 billion
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Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments.

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