ABC acknowledges serious flaws in its article about high-income professionals trying to reduce their income:

Editor's Note: Yesterday ABC News published a version of this story which some readers felt did not provide a comprehensive enough analysis of Obama's tax code for those families making $250k or more. ABCNews.com has heard those concerns and after review has decided to post an updated version of the story below.

The problem with the original article wasn't really that it failed to “provide a comprehensive enough analysis of Obama's tax code,” it was that the article gave the false impression that an individual's entire income is taxed at the highest rate for which the individual qualifies.

There are problems with the second draft, but it is much better than the first, and a welcome acknowledgment that the first was deeply flawed. Check it out here.