IRS tax revenue falls along with taxpayers’ income

Posted by Kendall Harmon

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.

When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It illustrates how severe the recession has been."

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Filed under: * Economics, PoliticsEconomyTaxesThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentThe National Deficit

Posted May 27, 2009 at 12:41 pm [Printer Friendly] [Print w/ comments]
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