Tax Revenues EVAPORATING in April
We know CA...the largest state in the Union and over 10% of US GDP saw general fund receipts DOWN almost 50%.....
Now this from the Federal Government for April......
Spending for April rose 17.5 percent from the same month a year earlier to $287.1 billion, and revenue and other income fell 34.1 percent to $266.2 billion.
The government last reported an April budget deficit in 1983, as the economy was recovering from the 1982 recession, according to Bloomberg data. The current economic slump, the worst of the postwar era, has sent the unemployment rate to a 25-year high of 8.9 percent as of April.
In a statement released on May 8, the CBO said while “in most years, the federal government has run a surplus in April because of the large inflow of tax payments due by April 15,” this year “the budget will show a deficit because of a steep drop in receipts and strong growth in spending.”
Corporate tax receipts totaled $70.8 billion for the year to date versus $171.1 billion, a decrease of 58.6 percent, Treasury said. Individual income tax collections were down 24.2 percent so far this fiscal year to $566.4 billion compared with $747.6 billion in the year-earlier period.
50% FOR CA......34% FOR THE FED GOVT????
MAYBE MAY WILL BE BETTER WITH ALL THE GREEN SHOOTS???????