“Biggest tax revenue drop since 1932”

Still think the recession is is on the mend?

Biggest tax revenue drop since 1932 – More politics- msnbc.com
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.Other figures in an Associated Press analysis underscore the recession’s impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.

They say that when you tax something, you get less of it.  So if we tax millionaires, won’t we get fewer of them?

I wonder if the Obama administration has factored in the motivation "rich people" have to retire early, transfer more of their "pay" to tax-free investments, move overseas, buy more robots to replace workers, use the company car more, etc.

We are told to fear the potential "feedback loops" that may cause run-away Global Warming.  Does Obama recognize the "feedback loops" in our economic environment and the potential for run-away Depression?

Just wondering what you think…

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