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Editor's Note: This column is part II in a series. Part I can be found here.
People on both sides of tax issues often speak of such things as a "$300 billion tax increase" or a "$500 billion tax decrease." That is fine if they are looking back at something that has already happened. But it can be sheer nonsense if they are talking about a proposed increase or decrease in the tax rate.The government can only raise or lower the tax rate. Whether the actual tax revenues that the government will collect as a result will go up or...
Prophets and Losses: Part II