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Many Bucks, Little Bang

April 19, 2010

Today’s Washington Post urges Congress to let the Bush tax cuts for people making over $250,000 expire. We agree. As our recent report on this issue noted, the high-income tax cuts are simply unaffordable given the huge projected deficits we face. Federal revenues would be $680 billion lower over the next ten years than if Congress lets them largely expire, as the President has proposed.

A Nickel for Uncle Sam

April 15, 2010

Most Americans say their income taxes are fair, a new New York Times/CBS News poll finds. No wonder — for the most part, we’re paying a much smaller chunk of our income in taxes than we did a few decades ago.

This year, a family of four in the middle of the income spectrum will pay less than a nickel out of every dollar it earns in federal income taxes. (It will pay more than this in federal payroll taxes.)