Federal tax revenues drop sharply

[red states rule]

So what is the answer from Obama, Reid, and Pelosi? Spend even more money we do not have


Federal Tax Revenues Drop Sharply Wednesday, May 27, 2009 1:58 PM

U.S. income tax revenues plunged 44 percent in April, compared with a year ago, the American Institute for Economic Research said.

The reason is easy to find. About 6 million U.S. jobs were lost in the 12 months prior to April, USA Today reported Wednesday.

The numbers, including a $138 billion drop in total federal tax revenues in the month, "illustrate how severe the recession has been," said Kerry Lynch, a senior fellow at the institute.

"These are staggering numbers," Lynch told the newspaper.

Dropping revenues are "one of the drivers of the ongoing expansion of the federal budget deficit," said John Lonski, chief economist for Moody's Investors Service.

The Congressional Budget Office estimates the 2009 budget gap will reach $1.7 trillion for the fiscal year.

With 77 million baby boomers headed toward retirement, it will be unlikely income tax revenues will grow in the near future.

"The American consumer led us out of previous recessions with some semblance of gusto," Lonski said. "They're too old to do it now."


http://www.istockanalyst.com/article/viewiStockNews/articleid/3246202

[Joe Steel]

So what is the answer from Obama, Reid, and Pelosi? Spend even more money we do not have


Federal Tax Revenues Drop Sharply Wednesday, May 27, 2009 1:58 PM

U.S. income tax revenues plunged 44 percent in April, compared with a year ago, the American Institute for Economic Research said.

The reason is easy to find. About 6 million U.S. jobs were lost in the 12 months prior to April, USA Today reported Wednesday.

The numbers, including a $138 billion drop in total federal tax revenues in the month, "illustrate how severe the recession has been," said Kerry Lynch, a senior fellow at the institute.

"These are staggering numbers," Lynch told the newspaper.

Dropping revenues are "one of the drivers of the ongoing expansion of the federal budget deficit," said John Lonski, chief economist for Moody's Investors Service.

The Congressional Budget Office estimates the 2009 budget gap will reach $1.7 trillion for the fiscal year.

With 77 million baby boomers headed toward retirement, it will be unlikely income tax revenues will grow in the near future.

"The American consumer led us out of previous recessions with some semblance of gusto," Lonski said. "They're too old to do it now."


http://www.istockanalyst.com/article/viewiStockNews/articleid/3246202

Americans are the most undertaxed population in the industrialized world. We can afford to pay more tax.

[Trigg]

Americans are the most undertaxed population in the industrialized world. We can afford to pay more tax.

The people in the industrialized world pay so much in taxes because people from 3rd world countries keep streaming in and taking advantage of our social programs.

[red states rule]

Americans are the most undertaxed population in the industrialized world. We can afford to pay more tax.

With many people paying more then 50% of their income in taxes - you consider that UNDERTAXED?

[Mr. P]

Americans are the most undertaxed population in the industrialized world. We can afford to pay more tax.

So, about 6 million U.S. jobs were lost in the 12 months prior to April, 77 million baby boomers headed toward retirement where they'll pay much less if any tax and the untouchable (LOL) 95% of Americans that are NOT gonna have taxes raised...

SHOW ME THE MONEY SLO JOE! Where the hell are you going to find something that ain't there?

[red states rule]

So, about 6 million U.S. jobs were lost in the 12 months prior to April, 77 million baby boomers headed toward retirement where they'll pay much less if any tax and the untouchable (LOL) 95% of Americans that are NOT gonna have taxes raised...

SHOW ME THE MONEY SLO JOE! Where the hell are you going to find something that ain't there?

I would love to have a job modeled on the federal governments financial model.

Spend all my money. When it runs out, just demand and get more money from my employer. I won't have to even consider spending less or being financially responsible as long as I can just keep taking money from my employer.

Of course, the key is not having to worry about getting fired.

I guess the only jobs like that are Senator's, Congressmen, or President.

[glockmail]

So what is the answer from Obama, Reid, and Pelosi? Spend even more money we do not have


Federal Tax Revenues Drop Sharply Wednesday, May 27, 2009 1:58 PM

U.S. income tax revenues plunged 44 percent in April, compared with a year ago, the American Institute for Economic Research said.

The reason is easy to find. About 6 million U.S. jobs were lost in the 12 months prior to April, USA Today reported Wednesday.

The numbers, including a $138 billion drop in total federal tax revenues in the month, "illustrate how severe the recession has been," said Kerry Lynch, a senior fellow at the institute.

"These are staggering numbers," Lynch told the newspaper.

Dropping revenues are "one of the drivers of the ongoing expansion of the federal budget deficit," said John Lonski, chief economist for Moody's Investors Service.

The Congressional Budget Office estimates the 2009 budget gap will reach $1.7 trillion for the fiscal year.

With 77 million baby boomers headed toward retirement, it will be unlikely income tax revenues will grow in the near future.

"The American consumer led us out of previous recessions with some semblance of gusto," Lonski said. "They're too old to do it now."


http://www.istockanalyst.com/article/viewiStockNews/articleid/3246202
This is great news. This could actually bankrupt the US economy, an historically unprecedented event, highlighting the complete and utter failure of the Obama Administration and the Democrat congressional monopoly. 2012 will be a banner year for conservatism, a complete reversal of the political power structure and elimination of hundreds of federal programs not mandated by the Constitution.

[red states rule]

This is great news. This could actually bankrupt the US economy, an historically unprecedented event, highlighting the complete and utter failure of the Obama Administration and the Democrat congressional monopoly. 2012 will be a banner year for conservatism, a complete reversal of the political power structure and elimination of hundreds of federal programs not mandated by the Constitution.

It will be difficult with the liberal media still waving the pom poms for the Chosen One, not reporting the facts about his failures, trying to blame his failures on others, and those who will vote Dem no matter how badly the Dems screw things up

[Joe Steel]

With many people paying more then 50% of their income in taxes - you consider that UNDERTAXED?

Few, if any, pay more than 50% of their incomes in tax.

[red states rule]

Few, if any, pay more than 50% of their incomes in tax.

If you live in high tax states like CA, NY, NJ you probably do - and it is a hell of alot more then a few

Again, when you add up the federal income tax, SS tax, Medicare tax, State income tax, local income tax, property tax, and sales tax - you can easily pay more then half your income in taxes

And you do not have to be "rich" to do it

Yet libs feel those people are still not paying enough

People are getting fed up Joe. It was shown when CA voters said no to 5 different tax increases

[glockmail]

It will be difficult with the liberal media still waving the pom poms for the Chosen One, not reporting the facts about his failures, trying to blame his failures on others, and those who will vote Dem no matter how badly the Dems screw things up I disagree. When the media touts "confidence" in how things are going, it will only make the inevitable collapse that much more shocking to reasonable people. Oh sure the hard core Democrats will vote lock-step, but they are at best 25% of the population. I'll go so far as to predict a turn around in political power much more severe than after Carter. I was hoping for the Democrats to go hard left as fast as possible and they so far have surpassed my wildest expectations.

Heck at this rate they may try to force gay marriage on the country. That in itself would cause a violent revolution.

[Insein]

I disagree. When the media touts "confidence" in how things are going, it will only make the inevitable collapse that much more shocking to reasonable people. Oh sure the hard core Democrats will vote lock-step, but they are at best 25% of the population. I'll go so far as to predict a turn around in political power much more severe than after Carter. I was hoping for the Democrats to go hard left as fast as possible and they so far have surpassed my wildest expectations.

Heck at this rate they may try to force gay marriage on the country. That in itself would cause a violent revolution.

I would never hope for the Far Left to get control. Because we may never get it back. If they enact unconstitutional laws to keep their power and nominate unconstituional judges to uphold them, then what?

[glockmail]

I would never hope for the Far Left to get control. Because we may never get it back. If they enact unconstitutional laws to keep their power and nominate unconstituional judges to uphold them, then what? Are you saying that they would end democracy? That's why God made the 50 caliber sniper rifle.

[red states rule]

I disagree. When the media touts "confidence" in how things are going, it will only make the inevitable collapse that much more shocking to reasonable people. Oh sure the hard core Democrats will vote lock-step, but they are at best 25% of the population. I'll go so far as to predict a turn around in political power much more severe than after Carter. I was hoping for the Democrats to go hard left as fast as possible and they so far have surpassed my wildest expectations.

Heck at this rate they may try to force gay marriage on the country. That in itself would cause a violent revolution.

Yes, and like most stimulations that you pay for, it only lasts for a short time and then your left with the cost of that stimulation.

But the liberal media, WH press reporters, and the Obama supporters will not admit that - or even talk about it

Other then talk radio and Fox news there is no other outlet talking about those basic economic facts - and they are attacked and savaged for doing so

[Little-Acorn]

Americans are the most undertaxed population in the industrialized world. We can afford to pay more tax.

Don't let the rest of us stop you, little joe! The U.S. Government accepts cash, checks, and money orders...... knock yourself out!

In fact, since you are so enthusiastic, I'll send you my tax bill, and you can pay that one too!
:laugh2:

[red states rule]

Don't let the rest of us stop you, little joe! The U.S. Government accepts cash, checks, and money orders...... knock yourself out!

In fact, since you are so enthusiastic, I'll send you my tax bill, and you can pay that one too!
:laugh2:

I have asked Joe sevreal times if he kept the tax cut he got under Pres Bush - and he never answered

Many libs who scream for higher taxes kept the Bush tax cut - or like our tax cheat Treasury Sec they don't pay them period

Meanwhile Obama and Dems keep piling on the debt


Leap in U.S. debt hits taxpayers with 12% more red ink

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.
The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

"We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.

USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Medicare to military pensions.

Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion.

http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm

[Joe Steel]

I have asked Joe sevreal times if he kept the tax cut he got under Pres Bush - and he never answered

You've never asked me anything of the sort.

[Joe Steel]

If you live in high tax states like CA, NY, NJ you probably do - and it is a hell of alot more then a few

Again, when you add up the federal income tax, SS tax, Medicare tax, State income tax, local income tax, property tax, and sales tax - you can easily pay more then half your income in taxes



Not likely unless you're just summing marginal tax rates.

Do you know the difference between marginal and average tax rates?

[Binky]

The people in the industrialized world pay so much in taxes because people from 3rd world countries keep streaming in and taking advantage of our social programs.


:laugh2: Yep, and in 30 years if not less, America will be driven to become a third world country because of all the third worlders that keep traipsing in dragging it down.

[Binky]

I would love to have a job modeled on the federal governments financial model.

Spend all my money. When it runs out, just demand and get more money from my employer. I won't have to even consider spending less or being financially responsible as long as I can just keep taking money from my employer.

Of course, the key is not having to worry about getting fired.

I guess the only jobs like that are Senator's, Congressmen, or President.



Ah.....don't forget the judges in the supreme court. When appointed they are there for life.

[Gaffer]

You've never asked me anything of the sort.

And you still haven't answered the question.

[red states rule]

http://thecommunityorganizer.net/images/bomilk.jpg