Federal Tax Revenues Plummeting

Quote: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 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.

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 last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression.

"Our tax system is already inadequate to support the promises our government has made," said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.

"This just adds to the problem."

How can our government continue to spend like it is without bankrupting the country? Anyone that is in favor of enacting the current proposed legislature, such as HealthCare, Cash for Clunkers, etc. is just an idiot. You can't do what you can't pay for.

So many of the Democrat initiatives are having a negative affect on our economy, but many in the masses are just totally unobservant to the truth.

Does anyone seem to recall the meeting last week between Geithner, Bernake and the Chinese over the US Debt and spending?

The Chinese gave us a warning-- don't dilute our investment, otherwise they won't buy our T Bills.

And over the weekend, that Trial Balloon went up about rasing taxes.

Congress seems to need to get the message otherwise we will be SOL PDQ.

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Oh if all these Economically Murderous Spending Bills Pass, we are sunk.

Ralph Kramden is driving the bus and it is Floating in the Hudson in a Steady Sink while We're all On It.

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Now would be wonderful opportunity to destroy the blood sucking Federal government. All it would take is for a small majority of people to just say...I refuse to pay the gang anymore. Less than a third of the victims would be necessary to send the the state into a unrecoverable tailspin.

OK...Who wants liberty? I am right "behind" you! ........... I am still not ready for a cold cell yet.

You see articles on economic doom and gloom every where but liberals are totally fixated on taxing and spending. I suspect the liberals are going to roll out every spending item on their agenda prior to the 2010 elections because they know they're going to get clobbered and kicked to the curb.

(08-04-2009 03:28 PM)WMD Owl Wrote:  Does anyone seem to recall the meeting last week between Geithner, Bernake and the Chinese over the US Debt and spending?

The Chinese gave us a warning-- don't dilute our investment, otherwise they won't buy our T Bills.

And over the weekend, that Trial Balloon went up about rasing taxes.

Congress seems to need to get the message otherwise we will be SOL PDQ.

Very good point. It's either print more money, or raise taxes.

s far as the Chinese go, they are the only ones left buying our T-bills. They have suggested that a new worldwide monetary benchmark be established. OPEC has had this idea also.

These liberal loons do not understand the outcome of all this tax and spend policies. Please, let cooler heads prevail, otherwise we are bankrupt and followed by Anarchy.

The republican plan to starve the govt is working.

Now, when we start cutting defense spending and corporate handouts (hahahah right TARP), there will be hell to pay.

(08-05-2009 09:29 AM)Artifice Wrote:  The republican plan to starve the govt is working.

Now, when we start cutting defense spending and corporate handouts (hahahah right TARP), there will be hell to pay.

Defense spending and entitlements are where the money goes.....When the gangs come together and address these two things....Ill know they are serious about getting our financial house in order.

I will not hold my breath.:muttering:

Isn't national defense one of the few things that the federal government is supposed to do?

(08-05-2009 09:29 AM)Artifice Wrote:  The republican plan to starve the govt is working.

Now, when we start cutting defense spending and corporate handouts (hahahah right TARP), there will be hell to pay.

Who needs handouts, when the government can just take over (socialize) companies/industries.

(08-05-2009 10:40 AM)georgia_tech_swagger Wrote:  

I must be getting to old or something.....I never understand what you post anymore.

Soon, I guess GrayBeard will have a grey beard.

(08-05-2009 10:46 AM)GrayBeard Wrote:  

(08-05-2009 10:40 AM)georgia_tech_swagger Wrote:  

I must be getting to old or something.....I never understand what you post anymore.

Soon, I guess GrayBeard will have a grey beard.

I think it means we're going backwards.

No, No, No, It means the Birth Certificate has been found and Obama is the "Black Jesus".

Didn't even notice the "black" word in the time line.....my bad.

So we're between 1961 and now?