It appears that an agreement has been reached between House and Senate Republicans on a tax cut package that comes close to the House’s version. The objective, apparently, is to have a bill ready to sign by Memorial Day. If this plays out as currently being reported, it will be a huge victory for the Administration and for conservatives.
Whether the economy will get much of a boost is another matter. While there are no doubt circumstances in which a tax cut can drive economic growth, as we saw in both the 60’s and the 90’s, I doubt whether the modest reductions being achieved this year will have anything like the same impact. But for me, taxes are mainly a fairness issue. If the cuts benefit the economy, great. But the government has no right to 50% or more of my (or anyone else’s) income in any event.
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