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If the Bush tax cuts are allowed to expire, America's tax burden will rise to unprecedented heights.
And if the tax cuts are made permanent? The same.
Despite all the political rhetoric, it is spending that's behind today's deficits and America's long-run fiscal problems, not taxes. In fact, "The Bush tax policies will only slightly moderate the sharp rise in the tax burden that began in the late 1990s" and would shave only 1 percentage point of GDP off government revenues if made permanent.
Low taxes have been key to America's economic success. Rising spending is a major threat to our prosperity, conclude Mitchell and Butler.
Read What Is Really Happening to Government Revenues: Long-Run Forecasts Show Sharp Rise in Tax Burden by Daniel J. Mitchell, Ph.D., and Stuart M. Butler, Ph.D.
Washington has embraced an alternative to $3-a-gallon gasoline -- $4-a-gallon ethanol. That's the cost of this federally mandated fuel additive, when you take everything into account. Ethanol, produced mostly from Midwestern corn, currently wholesales for more than $3 a gallon.
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Some policies are so bad that they overshadow the good features of legislation. If Congress insists on including special treatment for airlines and, potentially, other industries in the conference report on the Pension Security and Transparency Act (H.R. 2830), President George W. Bush should veto the Act.
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