New Fiscal Fact on Newly Released IRS Income Tax Data
September 20, 2006
We’ve posted a new Fiscal Fact showing newly released IRS data for tax year 2004. We compare the tax burden by income group (as classified by Adjusted Gross Income level) for 2000 to 2004, before and after the two sets of tax cuts passed in 2001 and 2003.
The data show that all income groups have seen their tax burdens fall, and that the greatest percent fall in tax burden would be in the lower and middle income groups. It also shows on the other hand that the percentage point decreases in effective income tax rates and the dollar savings associated with the tax cuts were greatest for those in the upper-income groups, or those who were paying the most federal income taxes to begin with.
Here is a link to the new Fiscal Fact. Also, be on the look out within the next few weeks when new IRS data is released by income percentile and we the update the popular Summary of Federal Individual Income Tax Data page.
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