Thursday, May 28, 2009

Individual Income Tax Revenues are Down

Revenue from individual income taxes fell 44 percent in April 2009 from the level in April 2008, according to new statistics from the Treasury Department. Corporate, estate and gift and federal excise taxes also posted declines. Individual Income Taxes April is traditionally the month with the highest collection of individual income taxes.

In April 2008, the Treasury Department collected $244 billion in individual income taxes. The government collected $136.7 billion in April 2009. This represents a decline of $108 billion, or 44 percent. According to the American Institute of Economic Research (AIER), the 44-percent drop is the steepest decline since 1981...

2 comments:

Michael said...

Fox just put this up about a new national sales tax: http://www.foxnews.com/politics/2009/05/28/national-sales-tax-chatter-draws-fierce-opposition/

HANK said...

Read the fine print...

The national sales tax would not be a replacement of the Federal Income Tax, as the "Fair Tax" legions support.

But rather, the tax would be in addition to our current national and state tax systems. This sort of tax is commonly referred to as "Value Added Tax." In other words, a new tax on every good in addition to the existing taxes.

This is a terrible idea. The cost of every single good will rise. Combined with our current tax system, no relief would allow us to compensate for the increase in costs. We are on the road to serfdom.