Federal tax revenues plunged 34 percent in April to $266 billion, compared to $404 billion in April of last year, according to a new study.

An analysis of Treasury Department data by the American Institute for Economic Research found that individual income tax revenues fell 44 percent in April 2009 to $137 billion, compared to $244 billion in April 2008. That’s not good news because April is the month when federal tax revenues tend to be highest because of the tax-filing deadline.

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