Washington Post: Tax Receipts Hit A 56-Year Low

Jonathan Weisman reports that “the most dramatic drop in tax revenue since 1946 has put the government into deficit for the next three years and has shriveled the projected 10-year federal budget surplus by 60 percent in just five months.”

Economists appeared to be at a loss to explain it. Crippen merely called it “astounding.”

Let’s face it — capital gains taxes, fueled by the bubble in stock market gains, couldn’t continue increasing forever.

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