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Big April deficit no surprise to small business owners

In their monthly budget report today, the U.S. Treasury noted that the April 2010 budget deficit was $82.7 billion, far greater than consensus estimates of $52.9 billion. The month of April also showed the largest deficit for April ever, as personal tax payments came in far below expectations. The weak April receipts speak directly to the problems with small businesses, as millions of "S" corporation filers took huge hits to their incomes in 2009, and therefore owed far less at the April 15 filing deadline.

Page 6 of the release shows gross individual income tax receipts (other than those withheld) for the 2010 fiscal year-to-date amounted to just $187.4 million, down nearly 17% from fiscal 2009.