Several television stations in Illinois, Iowa, and Pennsylvania have mentioned the tax revenue analysis conducted by Senior Fellow Kerry Lynch and AIER in recent broadcast stories. See the text below.
WAND-TV, Champaign-Springfield, IL THE RECESSION HITS THE IRS, WITH FEDERAL TAX REVENUE PLUNGING. IT'S DOWN 34 PERCENT FROM APRIL 2008 TO APRIL OF THIS YEAR. THAT'S THE BIGGEST APRIL TO APRIL DROP SINCE AT LEAST 19-81. IT EQUALS ABOUT 138 BILLION FEWER DOLLARS. ONE REASON FOR THE DROP UNEMPLOYMENT. NOT AS MANY JOBS TO TAX. INCOME TAX REVENUE DECLINED 44 PER CENT OVER THE YEAR. THE NUMBERS ARE FROM AN AMERICAN INSTITUTE FOR ECONOMIC RESEARCH STUDY.
KWWL-TV, Cedar Rapids, Debuque, Waterloo, IA THE RECESSION IS HURTING UNCLE SAM. THE "AMERICAN INSTITUTE FOR ECONOMIC RESEARCH" REPORTS FEDERAL TAX REVENUE PLUNGED 34 PERCENT FROM APRIL 2008 TO APRIL OF THIS YEAR. THAT'S THE BIGGEST APRIL TO APRIL DROP-OFF SINCE AT LEAST 1981. IT EQUALS ABOUT 138 BILLION FEWER DOLLARS IN THE TREASURY'S COFFERS. ONE REASON FOR THE DROP IS UNEMPLOYMENT. LOST JOBS MEANS LESS INCOME TO TAX. LOWER TAX REVENUE, OF COURSE, LIKELY MEANS BIGGER FEDERAL BUDGET DEFICITS TO COME.
WGAL-TV, Harrisburg, Lancaster, York, PA THE IRS IS ALSO TAKING A HIT IN THIS RECESSION. ACCORDING TO DATA FROM THE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH, FEDERAL TAX REVENUE PLUNGED 34-PERCENT FROM APRIL 20 TO APRIL OF THIS YEAR. THAT'S THE BIGGEST APRIL-TO-APRIL DECLINE SINCE 1981. IT EQUALS ABOUT 138-BILLION FEWER DOLLARS FOR THE US TREASURY.
UPDATE (JUNE 3): Buzz continues about this tax revenue piece. Kerry Lynch's research has been mentioned in the following sources.
KNXV-TV, Phoenix, AZ ADAM KRESS IS JOINING US WITH SOME NUMBERS. Reporter: NEW NUMBERS FROM THE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH SHOW THAT FEDERAL TAX REVENUE PLUNGED 34%IN APRIL FROM THE YEAR AGO. THAT'S THE BIGGEST DROP IN APRIL SINCE 1981, AND $138 BILLION LESS WAS TAKEN INTO GOVERNMENT COFFERS.
WJAR-TV, Providence, RI EVEN THE IRS IS HURTING IN THIS ECONOMY. FEDERAL TAX REVENUE DROPPED 34%FROM APRIL OF LAST YEAR TO APRIL OF THIS YEAR. THAT'S ACCORDING TO THE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH AND THAT'S THE BIGGEST APRIL TO APRIL DROP SINCE 1981.
Two online news site columnists cited the data: http://moneynews.newsmax.com/streettalk/tax_revenue/2009/05/28/219049.html http://www.opposingviews.com/articles/how-the-american-oil-industry-can-save-your-retirement-r-1243546492
Financial magazine site: http://www.onwallstreet.com/news/tax-revenues-dive-2662043-1.html
KFMB radio blog http://www.760kfmb.com/Global/story.asp?S=10437514&nav=menu1609_2
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