Washington -- A report released by the nonpartisan Congressional Budget Office on the shift in effective tax rates through the next decade resulting from the wave of tax legislation enacted between 2001 and 2003 has sparked a political debate in Washington.
In its report, "Effective Federal Tax Rates Under Current Law, 2001 to 2014," the CBO noted that, under current law, the total effective federal tax rate for all taxpayers drops from 21.5 percent in 2001 to 19.6 percent in 2004 before reversing course and climbing over the next decade.
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