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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.

2 comments:

  1. I'll second that!

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

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  2. 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!

    ReplyDelete