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Biggest Decline In U.s. Tax Revenue Since 1932

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AP ENTERPRISE: Plummeting tax revenues starve government just as Obama embarks on big plans

STEPHEN OHLEMACHER | Associated Press Writer

12:42 PM CDT, August 3, 2009

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Graphic shows change in federal tax receipts from 1980 to (D. Morris, AP / August 3, 2009)

WASHINGTON (AP) — The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab.

The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.

Other figures in an Associated Press analysis underscore the recession's impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.

The last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression............

http://www.chicagotribune.com/news/politic...0,3830358.story

How many more times will the media use the phrase "the worst since the Great Depression" before the penny drops?

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