198. Tax Revenues Post Biggest Drop Since Depression
August 4, 2009 § Leave a comment
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.The question is, who will pay? Obviously those who paid more for their houses because of the bubble, and got caught, and those who have lost jobs, and… those who had stocks or 401k’s or..
But the struggle to come will be momentous, huge powers to bear. read history, dig deep. This will be an intense ride.