The Tax Cut: Revisited

Accuracy in Media on the tax cut: "By the way, because the percentage reduction in income taxes is greatest for families with incomes under $50,000, these families will pay a smaller share of the total income tax burden than they do under current law. Conversely, families with incomes of $100,000 or more receive a smaller than average percentage reduction in income taxes so they will pay a larger share of the total income tax burden under the new law than under current law. Under the Act, the share of income taxes paid by families with income of $100,000 or more will rise to 73.3 percent. So much for this tax cut benefiting only the rich. The Treasury Department says that those earning over $200,000 will pay -- on average -- $99,000 in federal taxes. Take those in the lowest bracket (under $30,000). They pay no income taxes and receive refundable credits of, on average, $411."