The IRS Is Even Hurting – Can You Say Domino Effect?
Written by: Tom Sawyer
“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.”
Even the IRS is feeling the crunch, but that is to be expected when 6 miliion people lose their jobs right? Of course, since the IRS has less money that means the government has less money. Couple that with bailing out all these companies and the deficit is skyrocketing as we speak. I have a question: were the people drawing up the bailout plan not in contact with the people who should have realized how the recession would impact the IRS?
Oh, there is some good news on the horizon though. The White House thinks tax revenue will increase for 2011. But, uh, what about 2010? Wow!
Isn’t this sort of like coming home and saying, “Hey honey, my hours at work have been cut. You ready to go look at that new house and car?” Again, I really believe that some CEOs are still living it up partially thanks to the bailout money their companies have received.
Am I missing something or are we digging this hole deeper and deeper?
Tags: Federal tax revenue goes down but bailouts continue, IRS collects less and deficit grows, USA spending more than it is taking in
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