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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U.S. foreclosure filings jumped 81 percent

RealtyTrac is reporting that more than 2.3 million properties got a default or auction notice, or were seized by lenders. That’s the most RealtyTrac has documented in four years of recordkeeping. Filings rose 41 percent in December from a year earlier to 303,410.

Foreclosure prevention programs offered by U.S. banks and state laws that temporarily delayed property seizures “have not had any real success in slowing down this foreclosure tsunami,” James Saccacio, RealtyTrac’s chief executive officer, said in a statement. One in 54 housing units, or 1.8 percent of homes, received at least one filing in 2008.

2.3 Million Properties with Foreclosure Filings in 2008