Comments on: Withholding Taxes Chart (July 15, 2009)

By: Trading Week Review 7/17/09 « Chart Games

Trading Week Review 7/17/09 « Chart Games — Sat, 18 Jul 2009 20:54:14 +0000

[...] that we CONTINUE to lose jobs every day. This translates to reduced revenues for businesses and government alike, with very far reaching and long term implications, including lower earnings for publicly [...]

By: State Tax Revenues Chart | The Big Picture

State Tax Revenues Chart | The Big Picture — Sat, 18 Jul 2009 12:17:31 +0000

[...] Yesterday, we showed the chart of how ugly things had become for Federal Withholding Tax reciepts. [...]

By: hank

hank — Sat, 18 Jul 2009 02:41:44 +0000

What does it matter if the graph represents Federal only. Isn’t the picture the same (proportional drops in Q/Q ) if the other taxes are included? Did I miss something>

By: Moss

Moss — Sat, 18 Jul 2009 01:23:03 +0000

Lets look at the bright side.. the massive short term trading profits the banksters just made will surely add to the coffers at Treasury.

By: Mark E Hoffer

Mark E Hoffer — Fri, 17 Jul 2009 22:36:32 +0000

you know, for all the squawk about ‘cold steel’ y ‘balls’, it’s sad that noone? cares to realize that Oil/the Petro $ is the ‘frozen pole’ that, just, ‘taint necessary..

til’ that realization, we’ll keep catching the Lash, well-earned, from our Ignorance, thereof.

and, yes, the ‘deflationistas’ have, as Desi Arnaz made so popular, “…some ’splaining to do”..

By: leftback

leftback — Fri, 17 Jul 2009 19:57:40 +0000

“going from a negative savings rate to a 10% savings rate is going to drop consumption”

right on with that, jc. You should probably post that every day b/c it’s not going to change for years…

By: Onlooker from Troy

Onlooker from Troy — Fri, 17 Jul 2009 19:55:31 +0000

Jim

quote: “…but please don’t make out like it is all due to unemployment (or even most of it).”

Who said it was? And yes, we realize that withholding rates were reduced as part of the household balance sheet repair plan, oops, I mean the stimulus plan. Most here are just floored by the longer term repercussions that will flow from this, not surprised that they’re lower.

And seeing it graphically displayed really brings it home.

And personally I think it’s folly to borrow money at the national level to pay down debt at the household level, which is where a large portion of this money is going. And some are saving that money to prepare for paying higher taxes in the future. How much sense does that make? It’s like me borrowing money to save to pay future bills.

By: jc

jc — Fri, 17 Jul 2009 19:51:33 +0000

The impacts of these job losses is cumulative, every month is less tax receipts, less retail spending, more closed malls, more foreclosures etc. Going from 650K reported losses to 600K when you have seasonality and birth/death adjustments and subsequent revisions isn’t a green shoot when the true quarterly number is 2M long lasting job losses.

Gary Shilling got the “Big Picture” right when he said when he said going from a negative savings rate to a 10% savings rate is going to drop consumption from 70% of GDP to 60%, this is a sea change. The home ATM is closed indefinitely!

By: I-Man

I-Man — Fri, 17 Jul 2009 19:38:26 +0000

Nice screenplay there LB…

Oscar!!!

By: jc

jc — Fri, 17 Jul 2009 19:32:38 +0000

How do you think the foreign buyers of US debt feel when they see this chart? Risk premium?