The economy hasn't been doing well, and when the economy slumps, so do tax collections. The American Institute for Economic Research reported a 34% drop in federal taxes collected in April 2009 compared with April 2008. For the 12 months ended in April 2009, tax revenue dropped 44% compared to a year earlier.
On the topic of taxes: President and Mrs. Obama reported 2008 income of $2.7 million and paid $855,000 in federal income tax. Vice President and Mrs. Biden reported $269,000 of income and paid $47,000 in federal income tax.
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