Wednesday, March 11, 2009

U.S. Tax Receipts Cliff Dive to 14 Year Low

by Calculated Risk on 3/11/2009 03:04:00 PM

From Rex Nutting at MarketWatch: Budget deficit widens 10% as receipts fall to 14-year low

U.S. federal government budget widened to $192.8 billion in February ... the second largest monthly deficit on record ... receipts dropped 17% to $87.3 billion, the lowest since February 1995.

In February, individual income taxes fell 64% to just $8.7 billion. That's the lowest monthly total for individual income taxes since May 1985.
Ouch!