The tax cut that isn’t really

Matt Bai observes in yesterday’s New York Times Magazine that:

Amid all the political rhetoric about saving taxpayers money, we seem to have forgotten how governments actually function. President Bush says federal tax cuts now totaling more than $1.5 trillion will put money back in the bank accounts of average Americans, but to understand what governors are going through is to understand why that isn’t really true. For a lot of Americans, the president’s tax cut won’t end up being a tax cut at all; it’s really just a tax shift.

(Thanks to Fay for the link.)

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