Federal tax revenues are down

Well duh!

From the AP:

The stock market crashed. No capital gains. The consumers shut their wallets. Less corporate revenues.

A bazillion of us harvested stock losses at the end of 2008. Then we offset gains. Then we don’t pay taxes on that. Then we bought back – not the same – very similar stocks and are watching them appreciate. But guess what? Those losses can be carried forward chunks at a time year over year until they run out. I predict revenue is not going to be up for a while.

So, how’s the President going to pay for that deficit again?

H/T: Dad29

Comments

  1. J. Strupp says:

    …and almost 10% unemployment.

    In the short run, do nothing to pay for the deficit. In fact, make it a great deal bigger. If not, we have the mother of all jobless recoveries to endure.

    In the long run, close the gap by getting control of health care costs and increase taxes on top wage earners.

    One would hope thats the plan.