The Tale of Two Countries: Brazil Income Tax Collection Hits New Record High

The tale of two countries: while in the U.S. debt continues to soar, and income tax collection continues to drop, in Brazil the collection of federal taxes reached a new record high in July, U.S. $ 67.97B, according to data released by the Internal Revenue Service.

The proceeds for the month of July was the 7th consectuive monthly record, meaning all months this year have reached new records.

The result was 10.54% higher than June of this year and represented high (real) of 10.76% compared with July 2009.

Never mind that the Real has actually gone up as wel.