As we near the end of June, which is supposed to be one of the four biggest months for federal tax collections (January, April, and September are the others), it is clear that the serious receipts shortfalls are not only continuing, but have caused the March 20 projections of the administration and the Congressional Budget Office (CBO) to be outdated.
How bad is it?
As you can see, as we approach the end of the month, June 2009 receipts from economic activity are down 25% from last year. It’s clear from last year’s results that it would be unreasonable to expect a high level of receipts from other than withholdings in the final two days of this year.
Much more information and charts at the link.