Bankruptcies of small businesses are on the rise; Tax receipts from the federal government are declining.

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Report Finds Chapter 11 Filings by Businesses Soar 61% So Far This Year

U.S. businesses faced significant challenges in 2023, with commercial Chapter 11 bankruptcies rising by 61% to 4,553. Small business filings increased by 41% to 1,419. Overall, commercial sector bankruptcy filings grew by 17% to 18,680. Consumer filings also saw a 17% hike, reaching 313,458, despite previous declines due to pandemic-era financial aid.

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