Unformatted text preview: recover just 17 percent of the costs”. Further evidence is reported from the Congressional Budget Office under the direction of Douglas Holtz-Eakin (another economic adviser in the Bush House) that stated that “under the rosiest of scenarios, a 10 percent reduction in the personal income tax rate would generate enough economic growth to replace 22 percent of lost revenue in the first five years and 32 percent in the second five”. While the author of this article acknowledges the 2003 Economic Report of the President’s claim that the economy grows in response to tax reductions, his use of the word “completely” qualifies his thought that is unlikely for lost revenue to be completely recovered....
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- Fall '07
- Economics, capital gains taxes, Post Article Analysis