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Phase-In Of '01 Tax Cut Not So Shrewd After All.(ISSUES & INSIGHTS)(VIEWPOINT)
Byline: BRUCE BARTLETT
The report that real gross domestic product grew at a 4.2% rate in the first quarter is good news. But one cannot help but feel that we should be doing better. Real GDP normally grows much more rapidly in the early stages of economic expansions following a recession.
One possible culprit for the less-than-hoped-for growth may be the phasing in of key elements of the 2001 tax cut.
The way tax policy affects individual decision-making is complex. Some tax changes mainly affect the average tax rate -- taxes as a share of income.
Others affect the marginal tax rate -- the tax on each additional dollar earned.
Because average and marginal rates affect people differently, when both are changed simultaneously, it is sometimes hard to figure out their economic effects.
The Income Effect
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