{"id":2565,"date":"2009-08-03T16:44:44","date_gmt":"2009-08-03T20:44:44","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2565"},"modified":"2009-08-03T16:44:44","modified_gmt":"2009-08-03T20:44:44","slug":"tax-revenues-continue-to-plunge","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/03\/tax-revenues-continue-to-plunge\/","title":{"rendered":"Tax Revenues Continue to Plunge"},"content":{"rendered":"

From the Associated Press<\/a>:<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The last time the government’s revenues were this bleak, the year was 1932 in the midst of the Depression.<\/p><\/blockquote>\n

Ouch, no wonder the Obama Administration wanted to delay the release of the mid-summer budget update<\/a>… This is a train wreck.<\/p>\n

It’s no wonder the Obama Administration wanted to hide these numbers in July, with businesses struggling and tax revenues crashing their rosy deficit projections are about to meet economic reality head on… He’s going to have to drastically scale back his domestic policy agenda, there simply isn’t money to pay for things health care reform.<\/p>\n

Now we know why they were in such a rush to push through health care reform.<\/p>\n","protected":false},"excerpt":{"rendered":"

From the Associated Press: 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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[476,781,462,780],"class_list":{"0":"post-2565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-federal-deficit","9":"tag-health-care-reform","10":"tag-obama-administration","11":"tag-tax-revenue","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-Fn","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1931,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/04\/16\/sales-tax-revenue-housing-starts-fall\/","url_meta":{"origin":2565,"position":0},"title":"Sales Tax Revenue & Housing Starts Fall","author":"Jeff","date":"April 16, 2009","format":false,"excerpt":"I don't have any particular comments I just wanted to point out two stories that may have slipped under the radar, the first from yesterday's Wall Street Journal highlights the sharp decline in state and local sales tax revenue in four quarter of 2008: State and local sales-tax revenue fell\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4249,"url":"https:\/\/www.jasetaro.com\/blog\/2011\/10\/03\/democrats-to-push-tax-hikes-first-in-deficit-talks\/","url_meta":{"origin":2565,"position":1},"title":"Democrats to Push Tax Hikes First in Deficit Talks","author":"Jeff","date":"October 3, 2011","format":false,"excerpt":"From Reuters: Democrats want tax hikes to be the first item negotiated in \"super committee\" deficit-reduction talks, trying to force Republicans to confront an issue at the heart of this year's budget fights, sources told Reuters. The tough stance by Democratic members of the powerful 12-member congressional panel reflects the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1583,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/26\/barack-obamas-2-illusion\/","url_meta":{"origin":2565,"position":2},"title":"Barack Obama’s 2% Illusion","author":"Jeff","date":"February 26, 2009","format":false,"excerpt":"From the Wall Street Journal: President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it. On Tuesday, he left the impression that we need merely end \"tax breaks for the wealthiest\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4158,"url":"https:\/\/www.jasetaro.com\/blog\/2011\/08\/13\/the-fallacy-of-the-101-mix-of-spending-cuts-and-tax-hikes-question\/","url_meta":{"origin":2565,"position":3},"title":"The fallacy of the 10:1 Mix of Spending Cuts and Tax Hikes Question","author":"Jeff","date":"August 13, 2011","format":false,"excerpt":"I suspect most of you have seen or heard about this exchange during the Republican Presidential Debate in Iowa last Thursday night: http:\/\/www.youtube.com\/watch?v=ASQNITVweLo&feature=player_embedded It was a bullshit question, first of all unless those spending cuts are immediate they'll never materialize... particularly when the baseline for negotiations is that the taxes\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/ASQNITVweLo\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1525,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/15\/federal-obligations-exceed-world-gdp\/","url_meta":{"origin":2565,"position":4},"title":"Federal Obligations Exceed World GDP???","author":"Jeff","date":"February 15, 2009","format":false,"excerpt":"I tend to be skeptical of articles like this one from World Net Daily: Federal obligations exceed world GDP Does $65.5 trillion terrify anyone yet? By Jerome R. Corsi, February 13, 2009, WorldNetDaily As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1039,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/22\/newt-lets-have-a-real-middle-class-tax-cut\/","url_meta":{"origin":2565,"position":5},"title":"Newt: Let’s Have a Real Middle-Class Tax Cut","author":"Jeff","date":"November 22, 2008","format":false,"excerpt":"I've been a little out of pocket over the last couple of days so guess you could say I'm playing a bit of catchup with this post. I suspect most of you read Newt Gingrich's Wall Street Journal Op Ed on middle class tax cuts: Let's Have a Real Middle-Class\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2565"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2565\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}