The US Treasury took in $30.7 billion in individual withholding taxes in February, compared to $38.2 billion a year ago. That's roughly a 20% decline. January 2010 receipts were down about 10% compared to Jan 09.
A graph, if you would like to view it.
State and local personal income taxes are also down about 20% from a year ago.
State and local tax chart, courtesy of the Department of Commerce
If this is what recovery looks like, what does recession look like???
Mish has a long post explaining why retail sales figures are cooked, and not in a good way. Then he provides the actual sales tax receipts from states all around the nation.
Here's Indiana:
December 2009 Sales Tax: 476,111,101.58
December 2008 Sales Tax: 497,628,352.13
November 2009 Sales Tax: 473,363,430.53
November 2008 Sales Tax: 504,327,778.19
October 2009 Sales Tax: 485,658,222.21
October 2008 Sales Tax: 546,284,648.12
Here's Texas:
January 2010: $1,655.3 million
January 2009: $1,928.3 million
December 2009: $1,653.1 million
December 2008: $1,869.4 million
November 2009: $1,696.9 million
November 2008: $1,983.1 million
October 2009: $1,517.9 million
October 2008: $1,739.8 million
State after state -- collections are down from the same month in previous years.
The economic recovery is as phony as the global warmists' tree ring temperature reconstructions. They (the state and their willing accomplices in the MSM) are trying to prevent panic by painting a false picture. Maybe panic is not a good response, but severe fright might motivate our government to start getting the national house in order...
