Tuesday, June 22, 2010

We need a tax cut, like, right away!!!

The work I do in my daily, Fiscal Trend Digest, now shows that Total Federal Tax Deposits (taxes collected by the Treasury) so far this fiscal year, equal $1.504 trillion. This compares to Total Federal Tax Deposits of $1.494 trillion at the same time last year.

Tax deposits this year only recently exceeded last year's levels, however, with 9.7% unemployment and housing again starting to slip, THIS IS BAD!! It constitutes RISING FISCAL DRAG, which is not the kind of environment for strong and sustained economic growth.


Philip said...

I'll second that!

Too bad the Bush tax cuts are currently set to expire at the end of this year.

Mike Norman said...

Yes, disaster, especially with state finances now cratering. Any renewed weakness in the economy will cause states to go belly up and shut down completely. Anarchy and chaos ensue!