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Tax cuts, the business cycle, and economic growth : a macroeconomic analysis

Author: Marc Labonte; Library of Congress. Congressional Research Service.
Publisher: [Washington, D.C.] : Congressional Research Service, Library of Congress, [2001]
Series: CRS report for Congress, RL30839.
Edition/Format:   eBook : National government publication : EnglishView all editions and formats
Summary:
With reports of an economic downturn, support has been mounting for an additional tax cut this year to stimulate the economy. Regardless of the implications of tax levels and structure for equity, fairness, intergenerational debt burden, and the role and size of government, any tax reduction will affect the macroeconomy. In the short run, tax cuts that are funded through a reduced surplus increase aggregate demand  Read more...
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Material Type: Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Marc Labonte; Library of Congress. Congressional Research Service.
OCLC Number: 51649910
Notes: "Received through the CRS Web."
"Order code RL30839."
"Updated October 5, 2001."
Title from title screen as viewed on 14 February 2003.
Description: 19 leaves ; 28 cm.
Details: System requirements: World Wide Web browser, Adobe Acrobat reader.; Mode of access: World Wide Web.
Contents: Short run effects of tax reduction. --
Longer run effects of tax reduction. --
Would a permanent or temporary tax cut be a more effective stimulus? --
Conclusion.
Series Title: CRS report for Congress, RL30839.
Responsibility: Labonte, Marc ; Gail Makinen.

Abstract:

With reports of an economic downturn, support has been mounting for an additional tax cut this year to stimulate the economy. Regardless of the implications of tax levels and structure for equity, fairness, intergenerational debt burden, and the role and size of government, any tax reduction will affect the macroeconomy. In the short run, tax cuts that are funded through a reduced surplus increase aggregate demand and influence the business cycle if they are spent. If the economy is operating at full capacity, the boost in aggregate demand will quickly be dissipated through higher interest rates, inflation, and a larger trade deficit. If a tax cut is meant to prevent a recession by providing a short-term stimulus, its efficacy should be judged by how much spending (or dissaving) it generates. The efficacy of a tax cut that is meant to boost long-run growth should be judged by how much additional work, net saving, and investment it generates.

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