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Do Tax Cuts 'Grow' the Economy? |
| Section: CURRENT ISSUES / SPECIAL REPORT--TAXES: HOW MUCH IS ENOUGH? |
| Author: John S. Barry |
| Publication: The world & I online |
| Issue Date: 4/1/2003 |
| Size: 400 Words, 2,545 Characters |
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One of the most popular political terms of the past few years has been economic stimulus. Last year, President Bush described the Job Creation and Worker Assistance Act of 2002, which reduced federal taxes by $28.9 billion and increased federal spending by $13 billion over 10 years, as legislation "that will give sho...
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...s of those decisions on a daily basis. Second, tax cuts that reduce existing inefficiencies of the tax code will lead to economic growth. Such activities that are penalized in the current code include labor supply, which is diminished by the progressive characteristics of the income tax, and investment, which is hampered under current law by the double taxation of corporate earnings.
----J.S.B.
(318 of 2,545 characters)
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