Commentary: Lower Taxes? Oh, No Thanks

This should be the ideal time for congressional Republicans to push a big tax cut. With the Apr. 15 deadline looming, Americans are acutely aware of just how much money they're handing over to Uncle Sam. What's more, a growing budget surplus--which could total $3 trillion by 2010--gives lawmakers a huge pot to dip into. So how come the latest GOP plan, to cut taxes by nearly $800 billion over 10 years, is getting such a tepid response?

Hard as it may be to believe, most taxpayers don't feel they need a big cut right now. And they're right: The federal tax burden for most Americans is the lowest in more than two decades. Sure, tax revenues are streaming into the U.S. Treasury at a record rate. But the windfall reflects an explosion in executive compensation and gains on stocks and real estate--most going to the top 1%. And those taxpayers are shouldering an increasing share of the load.