For a moment, dodge the question of whether the Bush administration's current tax proposals are the best thing since Velcro or the worst thing since telemarketing. One thing seems certain. We are witnessing the end of the beginning for this administration's tax policy. Essentially, the administration has shot all its cannons in the war against high tax rates, particularly on capital income. At the same time it has gotten rid of all the artillery generals who planned this strategy in the first place. Whether or not these battles are won, the new forces to be confronted are not hard to see through the haze.
To reuse content from Urban Institute, visit copyright.com, search for the publications, choose from a list of licenses, and complete the transaction.