Tuesday, July 14, 2009
Benefit payouts will exceed income tax revenue - Telegraph
Read this carefully.
This could soon be the story in America.
Maybe it already is..
This could soon be the story in America.
Maybe it already is..
This is reported by James Kirkup in the U.K. Daily Telegraph:
"Treasury figures show that welfare payments will exceed income tax receipts by almost £25 billion. Normally, income tax receipts comfortably cover the benefits bill.
In 2008/09, gross income tax receipts were £152.5 billion. In the same year, social security benefits cost the Exchequer £150.1 billion.
In 2009/10, the Treasury is expecting to take in £140.5 billion in gross income tax receipts. Social security benefits are projected to be £164.7 billion."
