Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says...IRS Tax Revenue Falls Along with Taxpayers' Income, John Waggoner, USA Today, 5/28/2009
If Waggoner and the IRS think it's bad now, wait until increasing federal taxes, income, VAT, or cap-and-trade, take a lot more taxpayer income.
Remember Mr. Laffer's curve. As the tax rates go up, up, up, the revenues go down, down, down.
Those youthful constituents of the Socialists in Congress and the White House must really be looking forward to an impoverished future, where, whatever your income is, taxes and inflation will keep you down. But don't feel too sorry for yourself; the government's agents will be down there with you, making sure you spend your chump change the way that's right by them.