The Phony Tax Cut Debate
| The watered-down tax cut passed in the House of Representatives last week, while predictably small, is better than nothing. It does reduce taxes on dividends slightly, lowers marginal income tax rates by very small percentages, and increases some deductions available to businesses. Still, the speeches on the House floor showed the current tax cut debate is strictly about politics and not serious economics. Both sides use demagoguery but donıt propose truly significant tax reductions. Both sides use the outrageous expression ıcost to governmentı when talking about the impact of tax legislation on revenues. This implies that government owns everything, and that any tax rate less than 100% costs government some of its rightful bounty. |
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