Taxes Plummet

If we think the deficit is bad now, with these tax receipts it will be out of control:

Pajamas Media » Tax Receipts Plummet as Americans ‘Go Galt’

March is supposed to be a big month for tax receipts from regular corporations whose years end in December. In March 2008 (go to Table 3 on page 2 at the link), $32.6 billion poured in. This year? I’m not kidding: $3.4 billion. For the fiscal year thus far, corporate income tax collections are down almost 57%.

Through March 31 of last year, according to the Daily Treasury Statement, “individual income and employment taxes not withheld,” which are largely payments made by the self-employed, partners, and those in S corporations whose income flows through to individual tax returns, are down about 13%, or almost $15 billion, from a year ago. These not-withheld taxes are what drove last April’s all-time collections record, which is definitely not going to repeat itself.