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Publication Date: March 2008
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Aviva Aron-Dine
Research Area: Banking and finance
Keywords: Economic projections; Tax code; Income diversity; Economic inequality
Type: Report
Abstract:
Supporters of extending the 2001 and 2003 tax cuts claim that these tax cuts’ benefits have been broadly and fairly distributed. Some argue that the tax cuts have actually made the tax system more progressive, pointing to Congressional Budget Office (CBO) data showing that the share of total federal income taxes paid by the top 1 percent of households rose modestly after the tax cuts were enacted.