Tax receipts hit Depression-era low

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.