April 28, 2003

Smart Jonathan Rauch Column...

Smart Jonathan Rauch Column on Bush's Tax-Cuts:

Posted by at April 28, 2003 10:58 AM
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One troubling aspect to giving tax cuts to the we6;com">Scott at April 29, 2003 02:56 PM

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lesser extent, applies to the top income bracket but they, obviously, have more disposable income and are less concerned about future tax increases.

Question remains: is the sluggish economy due to low demand or low supply?

Pet peeve: the $5.9 trillion surplus PROJECTION by the CBO two years ago. Nonsense on stilts based on extravagantly high estimates of capital gains and receipts which were generated by the stock market (among other things). Let's all say it together: the bubble burst and there went the $5.9 trillion.

Guess I should read Rauch's article before I get in over my head.

SMG

Posted by: SMGalbraith at April 28, 2003 06:46 PM

WOW.

Did I just read an article in *REASON* suggesting that tax cuts are a dangerous gamble?!?

I agree, but... WOW.

Political tipping points usually lag behind, but follow, intellectual tipping points. Bush will probably get his (reduced) tax cut, but if articles like this are appearing in Reason, the tide may be turning against the robber barons.

WOW. Thanks for the link, Matt.
-Decnavda

Posted by: Timothy Roscoe Carter at April 29, 2003 01:27 PM

SMG,

But doesn't the middle class already strain to live beyond their means? Don't they in effect have a negative MPC? They (we) don't have any substantial savings to speak of 'cause they're playing catch-up with their credit card bills or deciding they can finally afford health insurance... The wealthy have savings, they can afford to save. So where a middle class head of household might turn $1,000 tax break into $1,100 worth of spending, the wealthy would be likely to turn it into $950 worth of spending. I did a quick search for MPC of wealthy v. middle class and couldn't find any numbers, but the prevailing wisdom is that the wealthy have a lower MPC.

And there are definitely more middle class people.

And why doesn't someone from the DNC get out a goddamn chalk board and explain to America the difference between the average and the mean?

From the 24th parallel,
Scott

Posted by: Scott at April 29, 2003 02:56 PM
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