Both liberals and conservatives believe that they understand the consequences of cutting taxes. The fact that the two groups believe these consequences will be so different suggests how complex the nature of macro-economic planning and its relationship to taxes is. While conservatives argue that tax cuts promote steady, long-term economic growth, liberals argue that such cuts tend to produce only short-term growth while producing long-term economic problems. This contradictory picture is made even more confusing by the fact that different kinds of tax cuts are likely to produce different results. This paper focuses on cuts in personal income taxes, the kind of tax cut
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