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Publication Date: April 2004
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s):
Research Area: Banking and finance
Keywords: Tax code; Federal budget; Economic projections; Fiscal future
Type: Report
Abstract:
Large federal tax cuts have been sold in part in recent years on the grounds that tax burdens have risen to excessive levels and Americans are overtaxed. New data and analysis suggest otherwise. The percentage of income that most categories of taxpayers pay in federal taxes had declined even before the 2001 tax cuts were enacted and has now fallen to the lowest level in decades.