Now that the 2010 tax forms are in, OR PAST DUE, the government has released the data from 2009. THE FOLLOWING ARE KEY TAX RETURN NUMBERS FROM 2009 and the data is compared to the previous tax year of 2008 that was an economic disaster to many. In 2009:
Adjusted GROSS income DECREASED by 6.9% compared to 2008.
Taxable income DECREASED by 9.3% compared to 2008.
TOTAL INCOME TAX DECREASED BY 15.4% compared to 2008.
Net capital gains DECREASED by 46.1% compared to 2008.
Ordinary dividends decreased by 22.3% compared to 2008.
Taxable interest DECREASED by 24.8% compared to 2008.
So what does this all mean? It means that 2008 was a really bad year for most Americans, BUT 2009 WAS EVEN WORSE. It means that money flowing to the Federal Government was even LESS in 2009 than the difficult year of 2008. Bad news for the working-middle income citizens that do not get the tax breaks of the super-rich!!
R. Van Conoley