Washington (Aug. 18, 2004) -- Thanks to tax legislation enacted in 2001, 2002 and 2003 that is scheduled to phase in, phase out and "sunset" entirely after 2010, federal tax rules will differ in every year from 2001 through 2011 and, consequently, so will effective tax rates, notes a report released by the Congressional Budget Office.
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, the CBO said in its report, "Effective Federal Tax Rates Under Current Law, 2001 to 2014."
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