November 13, 2002

Questioning the Efficacy of Tax Rate Cuts The acceleration of the Bush tax rate cuts and making them permanent are positive developments and should help the economy. As usual there will be some transition effects, which depend on how things are implemented. If the tax rate cuts are enacted next year and are made retroactive, the delayed effects should be minimal. The impact of the rate cuts on the economy’s incentive structure will be immediate. In spite of all the potential benefits, the battle will not be an easy one. A counterattack is already mounting.

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