The Collapse of the Income Tax

For the first quarter of the fiscal year 2010 personal income tax revenue was 19% less than FY 2009, 24% less than 2008 and 22% less than President Obama's own budget forecast. See here.

The 2009 decline was due to the recession. In contrast, the 2010 decline is largely due to the massive crisis of confidence provoked by all this Hope and Change.

Boy what I wouldn't give for another "Decade of Greed".