August 4, 2009
WASHINGTON – The federal government’s tax revenue is on track to drop 18 percent this year, the biggest annual decline since the depths of the Great Depression, according to an analysis by The Associated Press.
Individual income tax revenue is down 22 percent and corporate income tax receipts have fallen 57 percent compared with 2008, according to the AP. Social Security tax revenue might have only its second year-over-year decline since 1940, and Medicare tax receipts could fall for only the third time since they started being collected in the 1960s.
Meanwhile, the federal deficit is projected to reach a record $1.8 trillion this year, as the national debt tops $11 trillion, the AP said.