News In Brief
Tax cuts shaved US revenues in '83; first time in 12 years
Federal tax cuts, along with a tail end of the recent recession, served to cut total tax collections last year, the first drop in 12 years, the Census Bureau says. It said the nation's total tax take was $665.8 billion in fiscal 1983, an 0.8 percent dip from the $671.4 billion collected in 1982.
All the decline came at the federal level, at which taxes were down 5.9 percent, led by a steep 25 percent drop in corporate income taxes. At the state level, taxes rose by 5.9 percent in fiscal 1983, but that increase was the smallest in 25 years.