“With state revenues in a free fall and the economy choked by the worst recession in 60 years, governors and legislatures are approving program cuts, layoffs and, to a smaller degree, tax increases that were previously unthinkable.” (New York Times, Tuesday)
Notice, tax cuts are apparently still “unthinkable.”
FEE Timely Classic
“Cutting Marginal Tax Rates: Evidence from the 1920s” by Gene Smiley