Tax receipts hit Depression-era low

August 4, 2009

Here's some breaking news that's really no surprise: Uncle Sam's tax take is expected to decline 18 percent this year. That will be the biggest
single-year drop in revenue collection since the Great Depression.

It is alarming information. But it's also, sadly, totally explainable.

As the recession has deepened over the last couple of years, people have lost jobs, companies have gone out of business and anyone who once had anything in the stock market has seen it dwindle or disappear totally.

No money coming in means no money to pay taxes, to federal or state governments.

For the complete dire analysis, check out the AP story detailing the number crunching that revealed the last time federal revenues were this bleak, it was 1932.

Thankfully, it looks like we won't be going completely down that rocky mid-30s road again.

And remember, while you can still complain about paying taxes, if you have a job and are able to hand over some income to the IRS, this time you really are doing your patriotic duty.

FDR Memorial breadline photo courtesy FutureAtlas.com

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic.

Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions

Disasters

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Filing and Paying Taxes

Politics/Laws

Refunds

State Taxes

Tax Brackets/Inflation

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Comments

Phil Hodgen

17 years ago

Hmm. Declining tax revenue? Maybe the answer is to raise tax rates.
“They” “should” pay more tax.
LOLZ. (Heavy sigh).
@philiphodgen

Comments are closed.

Tax receipts hit Depression-era low

Phil Hodgen