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Publication Date: April 2004
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Isaac Shapiro; Robert Greenstein; Joel Friedman
Research Area: Banking and finance
Keywords: Tax code; Federal budget; Income diversity; Economic inequality
Type: Report
Abstract:
The Treasury Department recently released a fact sheet on who pays the federal income tax. The fact sheet makes two main points: that “the individual income tax is highly progressive — a small group of higher income taxpayers pay most of the individual income tax each year,†and that this burden has increased as a result of the tax cuts enacted under the Bush Administration.