(CNBC) — That “47 percent” quote that helped sink Mitt Romney’s presidential hopes? Better make that 43 percent now.
The share of households who aren’t paying any federal income tax has fallen, and a new analysis from the Tax Policy Center predicts that it will continue to shrink in years to come.
That’s partly because a slew of temporary tax cuts enacted during the Great Recession have started to expire. And it’s partly because an improving economy means people’s incomes should slowly start to increase, adding to their income tax bill.