Danger: Federal Tax Revenue Growth Falls to 80-Month Low Tags Taxes and SpendingPolitical Theory4 hours agoRyan McMakenA new report from the US Treasury Department shows that growth in federal receipts has fallen to the lowest level seen in 80 months, with the 12-month average falling 1.3 percent from March 2016 to March 2017. The last time federal receipts fell as far was during July of 2010 when they dropped 2.4 percent from July of the previous year. More importantly, the last time receipts fell this much, while in a downward trend, was in July 2008 shortly before the financial crisis. March 2017 was the fourth month in a row during which federal receipts were down year over year, while growth rates overall have been falling quickly since mid-2015. If we remove the rolling averages and simply look at straight year-over-year growth, we find that growth rates have been bumping along near zero percent for the past year. By this measure, the overall trend has been downward since mid-2013. This isn't to say that the federal government is hurting for revenues, of course. Through mid-2015, the feds were pulling in record receipts, and only over the past year have receipts begun to flatten out. Nevertheless, they remain above pre-recession levels.
Ryan McMaken considers the following as important:
This could be interesting, too:
Wolf Richter writes Next Central Bank Puts QE Unwind on the Calendar
Tyler Durden writes Nomi Prins: How Donald Trump’s Trade Wars Could Lead To A Great Depression
Tyler Durden writes Flynn Evidence May Have Been Tampered With By FBI: GOP Lawmaker