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.