No. of Recommendations: 3
What deceptive commentary. First, the chart attached to the linked article is for total federal revenue, not federal income tax revenue. Second, the chart contains gross numbers (nominal revenue) and not inflation adjusted numbers (real revenue). etc.

Real total federal revenue (in 2005 dollars):

2007 - $2,414.0 billion
2008 - $2,228.1 billion
2009 - $1,899.0 billion
2010 - $1,927.9 billion
2011 - $1,998.7 billion (IOW, real revenue is still off by over 17%)

Nominal FIT:

2007 - $1,116 billion
2008 - $1,032 billion
2009 - $ 866 billion See Table 4

Adjust for inflation, and the decline would be even bigger.

Regards, JAFO
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