Research Report Distribution of the 2001 and 2003 Tax Cuts and Their Financing
William G. Gale, Isaac Shapiro, Peter Orszag
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Popular discourse about tax cuts frequently ignores a simple truism: Someone, somewhere, at some time will have to pay for them. The payment may be in the form of increases or reductions in government programs; it may occur now or later; it may be transparent or hidden. But iron laws of arithmetic and fiscal solvency imply that the payment has to occur.