In a stunning reversal from the month to date totals on April 30 which showed a 6.2% y/y gain in federal tax receipts, the monthly reconciliation which the Treasury released today shows a decline of 7.9% (more charts, next page). I don’t have an explanation based on a cursory review of the figures from the last daily statement and the monthly final statement, but suffice to say that there’s a problem here. The evidence of recovery that we had seen in February and March receipts has disappeared. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.