Put corporate tax receipts on the stack of indicators flashing yellow for the economy. From Tyler Durden at zerohedge.com:
After flatlining for the past year, US income tax receipts – both at the federal government and on a state and local level – have been disappointing, and have posted a sharp drop since the start of the year, which is “sounding an alarm about the health of the US economy” in BofA’s words (in addition to the countless other alarms about the health of the economy, which however are ignored due to the record stock market).
As Bank of America highlights something we warned about last September, according to the Rockefeller Institute and CBO, US federal income tax receipts have come in about 3% below expectations this year.
Digging deeper, the disappointment was largely in personal current tax receipts, with withheld tax receipts showing little growth over the prior…
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