Moderator: Nicole Marie
Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.
When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. “It illustrates how severe the recession has been.”
For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago. …
Big revenue losses mean that the U.S. budget deficit may be larger than predicted this year and in future years.
piqaboo wrote:Oh Dai.
Now I have this unfading image of sheep with balloons attached.... I'd hate to be the balloon-harvester.
“the American descent into Marxism is happening with breathtaking speed.”
The total bailout costs of Fannie and Freddie are expected to climb much higher. When the Housing and Economic Recovery Act was passed, an arm-twisted CBO scored the GSE titles of the bill at $25 billion and said there was less than a 50% chance that the bailout authority would ever be used and less than a 5% chance that the costs would ever run over $100 billion. The Chairman of the committee, Chairman Frank chastised Republicans on the floor who said that the costs would likely go well over the CBO estimate saying, “It is the most inflationary arithmetic I ever heard.” Of higher cost estimates being used by Republicans he stated, “these numbers that are being thrown around are simply inaccurate and misleading.”
Well, speaking of inaccurate and misleading, the CBO recently updated their scoring of those titles and the cost estimates increased by over 1,500%.
Microsoft Corp. Chief Executive Officer Steven Ballmer said the world’s largest software company would move some employees offshore if Congress enacts President Barack Obama’s plans to impose higher taxes on U.S. companies’ foreign profits.
“It makes U.S. jobs more expensive,” Ballmer said in an interview. “We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.”
Obama on May 4 proposed outlawing or restricting about $190 billion in tax breaks for offshore companies over the next decade. Such business groups as the National Foreign Trade Council, the U.S. Chamber of Commerce and the Business Roundtable have denounced the proposed overhaul.
Shapley wrote:Barbara Boxer Insists On Being Called 'Senator', Rather Than Ma'am
For his part, the Brigadier General referred to her as "Senator Ma'am"...
I have a different word for her, but I no longer wear the uniform, so I'm not so bound by protocol...
piqaboo wrote:We dont grow up w "ma'am" out here and a lot of folks dont really get that its a term of respect.
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