Feds see biggest tax revenue drop since 1932

[IaNsSyAlNuE]

Recession's toll comes as Congress and president try to fund programs

Feds see biggest tax revenue drop since 1932

Highlights of Story:



Tax revenue may drop up to 18 percent—stands course now to drop that much.

The federal Deficit balloons to 1.8 trillion.

Individual income tax receipts are down 22 percent.

Corporate income taxes are down 57 percent.

Social security is in danger of running out of money MUCH earlier than was predicted for this year.


http://www.msnbc.msn.com/id/32275055/ns/politics-more_politics

[Lady_Jean_La]

Well, about a trillion dollars vanished last year, that had to hurt the rich. Then there were a bunch of rich people that lost their money to fraud.


It is even worse in California. imo

[flareon]

This is just a precursor of what is to come when tax increases on the wealthy take effect.

This seems to happen every time they try to tap a source without any thought as to the consequences.

[flareon]

Well, about a trillion dollars vanished last year, that had to hurt the rich. Then there were a bunch of rich people that lost their money to fraud.


It is even worse in California. imo

It does have an effect but last year I still had to show capital gains due to mutual fund churning even though the stocks themselves took a hit..

This year it should look really ugly.

[IaNsSyAlNuE]

Well, about a trillion dollars vanished last year, that had to hurt the rich. Then there were a bunch of rich people that lost their money to fraud.


It is even worse in California. imo


Honestly, I can't imagine-- how are people surviving with IOUs?

[IaNsSyAlNuE]

This is just a precursor of what is to come when tax increases on the wealthy take effect.

This seems to happen every time they try to tap a source without any thought as to the consequences.

Exactly! Taking your post and considering the PDF I posted in the "top one percent thread" goes into the entire economic meltdown and how the rich can't subsidize health care for the poor, AND close the gaps on the deficit as well. There is a breaking point and the rich can't take care of everyone.

[flareon]

Exactly! Taking your post and considering the PDF I posted in the "top one percent thread" goes into the entire economic meltdown and how the rich can't subsidize health care for the poor, AND close the gaps on the deficit as well. There is a breaking point and the rich can't take care of everyone.

Of course that tax increase can't and neither can the "phantom" savings that keep getting promised.

This is a common tactic of politicians and then the truth isn't known until after people are already stuck with the bill. By now you would think people could recognize a con when they see it.

The really bad thing about this is that the real damage won't start showing up until later years and by then we could get stuck with these same people again.

[Lady_Jean_La]

Honestly, I can't imagine-- how are people surviving with IOUs?Maybe they can be sold to China.

:angry:

[flareon]

Maybe they can be sold to China.

:angry:

If the interest is good enough, they might want them.

[Lady_Jean_La]

If the interest is good enough, they might want them.

IIRC 3% :blushing:

[flareon]

IIRC 3% :blushing:

Is that an annual rate? I don't think that is going to move them.

[Lady_Jean_La]

Is that an annual rate? I don't think that is going to move them.

California sets IOU interest rate at 3.75 percent per year



http://www.sfgate.com/cgi-bin/blogs/pender/detail?entry_id=42927


While this may be off topic it is related. Just think of all the people who are not getting paid and not paying taxes. Remember the guys not getting the bonuses, no taxes. So, there could be another big drop.

On the other hand. California raised the taxes on cars, so the Cash for Clunkers, should bring in higher fees. imo

[flareon]

California sets IOU interest rate at 3.75 percent per year



http://www.sfgate.com/cgi-bin/blogs/pender/detail?entry_id=42927


While this may be off topic it is related. Just think of all the people who are not getting paid and not paying taxes. Remember the guys not getting the bonuses, no taxes. So, there could be another big drop.

On the other hand. California raised the taxes on cars, so the Cash for Clunkers, should bring in higher fees. imo

It probably will but will be a drop in the bucket compared to what has been lost.

[Lady_Jean_La]

those guys not getting paid huge bonus's? that money went somewhere, maybe saved a few jobs, just because a ceo\exec doesn't get the money doesn't mean it doesn't exist anymore

republicans, always worried about the fat cat, never the little guy

Those who kill the golden goose no longer collect the gold eggs. imo

http://en.wikipedia.org/wiki/The_Goose_That_Laid_the_Golden_Eggs

[IaNsSyAlNuE]

"Feds see biggest tax revenue drop since 1932"

corporations are shipping jobs overseas at an alarming rate, been going on for years now, we have to address this, this should be obvious why are our leaders not addressing this?


Write to Obama and your congress person.

However I think this drop has more to do with the crisis than outsourcing. Something I can't stand by the by.

[Lady_Jean_La]

How do you explain all the Democrat Fat Cats?

Some of whom weren't Fat Cats at all until they became Politicians.

:confused:

I can't wait to see this answer!:tonguewag: