Raise taxes...and receipts go down

Through March, federal receipts were running 14% behind the previous year. Each month during the fiscal year has trailed the previous year, and degree of the difference has steadily increased...

My estimate of April’s final result is almost 40% lower than April 2008, and further ratchets down the trend of collections decay that goes back to last summer. The receipts shortfall is far more than one would expect from an economy that shrank only 1.74% in the final half of last year....