December Rolling Tax Witholdings Collapse To Multi-Year Low

[AllentownJake]

The month of December was supposed to be a bright spot in the Treasury's tax withholding calendar: after all taxes used to be the way this great nation funded its coffers until the Fed and Primary Dealers came along. And with Wall Street bonuses presumably at record levels, the withholdings were expected to jump not only compared to December of last year, but to all Decembers. Well, as is the norm with this administrations, these expectations never materialized, and instead rolling withholdings hit recent record lows.

The rolling twelve month individual tax witholdings in December dropped to a new multi-year low of $1.298 trillion (an 8.2% decline from last December). Yet this was nothing compared to the company tax witholdings. We thought November was bad at $99.2 billion. December came in at a stunning $92.8 billion, 61.5% lower then the LTM December 2008 number. Record financial profits, record bonuses, and the Treasury and US taxpayers are none the wiser.



http://www.zerohedge.com/article/december-rolling-tax-witholdings-collapse-multi-year-low

[depakid]

1. A financial transaction (and a Tobin) tax ought to be looking prettty good

from both a fiscal AND political perspective.

Too bad Geithner, et al. steadfastly refuse to even consider it.

On another note- state budget fights are going to be ugly this year as well.

Too bad that 40+ billion in state aid was slashed from the stimulus.

[AllentownJake]

2. Funny you should say that

I just posted my back-up that Christmas sales were a bust using state sales tax revenue for PA.

[jpak]

3. Woo Hoo!!!

:woohoo:

[Mojambo]

4. Norquist is rubbing his hands greedily and filling up the bath tub. n/t

[Name removed]

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