Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.
...put the lie to any claim that there is any "recovery" in process. It infuriates me whenever I hear any politician or MSM talking head speak about "the recovery".
With cratering revenues like this,
There is no &^%!&%! recovery!
Tax revenues are cratering because of lower tax receipts on corporate profits, dividends, and capital gains. Corporate profits are down because 40% of profits in the last expansion were in the FIRE sector (Finance, Insurance, Real Estate). We all know what has happened to that.
Taxes on wages, such as the Social Security tax, are merely flat.