August 13, 2004
WASHINGTON—Tax Foundation economists have released two new "Fiscal Facts" analyzing the latest study of tax burdens by the Congressional Budget Office. Foundation economists are available to discuss these and related tax and economic stories.
The first, "Cautionary Notes for Comparing CBO’s Household Data to Standard Tax Data," analyzes the definition of "taxpayer" used by the CBO—and the confusion the agency has caused by including every household in America, even ones that don't file tax returns.
The second, "New CBO Study Confirms Wealthiest Americans Bear Income Tax Burden," confirms what recent Tax Foundation research has independently shown: even among people who do earn enough to file tax returns, 40 percent of Americans owe nothing, leaving the lion's share to be paid by the top 60%, mostly dual-income couples and business owners.
The Tax Foundation has monitored tax policy at the federal, state and local levels since 1937. Best known for its annual calculation of Tax Freedom Day®, the Tax Foundation is a nonprofit, nonpartisan 501(c)(3) organization.
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Media Contact: Bill Ahern (202) 464-5101