October 31, 2008
Time Magazine Lauds Tax Foundation as a Source of Accurate Research in Story on Tax Policy
By Justin Fox
In 2002 the inimitably audacious editorial writers at the Wall Street Journal brought to the nation's attention the existence of a vast and allegedly pernicious class of "lucky duckies" who pay no federal income tax because their incomes are in sub-$40,000 territory and they qualify for one or more of the many credits added to the tax code in recent decades.
Since then, thanks to tax changes proposed and signed into law by President Bush, this impoverished yet fortunate class has only grown--to 45.6 million households, or one-third of all income tax filers, according to the Tax Foundation, a right-leaning think tank with a reputation for getting its numbers right. If the various tax cuts and credits Barack Obama has proposed on the campaign trail are enacted, the group estimates, that figure will rise to 63 million, while John McCain's tax plans would bring the tally to 62 million. Either way, more than 40% of the population would stand to come out even or ahead on April 15.
