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Federal Receipts Tank: March Tax Take Down 27.9%

Tom Blumer 24 April 2009 2 Comments

Almost a year ago, I was posting on what I called the “Supply-Side Stunner” (at NewsBusters; at BizzyBlog).

In April 2008, the US Treasury collected an all-time record $407.3 billion ($403.75 billion after subtracting the first $3.35 billion wave of stimulus checks, which really should have been treated as outlays, that went out just before month-end). It was an indication that, as I said at the time, “many (entrepreneurs, businesspeople, and investors) are thinking, in the face of relentless media harping to the contrary, that 2008 will be at least as profitable (as 2007).”

This year, it’s shaping up to be the “Bailout Year Bummer.” Uncle Sam’s fiscal year began on October 1 of last year, mere days before Congress passed the legislation that has come to be known as TARP, and a bit more than three months after Nancy Pelosi, Barack Obama, and Harry Reid promised to starve the economy of energy and punitively tax its highest producers, creating what I have since called the POR (Pelosi-Obama-Reid) Economy.

Through March, federal receipts were running 14% behind the previous year. Each month during the fiscal year has trailed the previous year, and degree of the difference has steadily increased.

More at the Bizzy Blog

2 Comments »

  • pete e said:

    Wow! You mean that investor confidence was high and expecting to grow last April. An yet things were tanking in the summer. What event in that time frame could possibly have changed investor confidence so drastically.

  • John Powers (author) said:

    Pete,

    I think you are actually seeing the results rather than speculation. Can you show me another news source that actually publishes diminished revenue to the Federal Government? I can show you several who publish unrealistically high expectations for revenue.

    JBP

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