Tax Revenues are falling through the floor

The TaxProf Blog reports Tax Revenues Fall 18%, Biggest Drop Since Depression:

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From the Associated Press:
Tax receipts are on pace to drop 18% 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% from a year ago.
Corporate income taxes are down 57%.
Social Security tax receipts could drop for only the second time since 1940
Medicare taxes are on pace to drop for only the third time ever.
See the dramatic graph here.
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Contrast that with the rocket like increase in government spending. This doesn't bode well for the financial well being of the US.

(Hat tip: Instapundit)


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