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The Growth Experiment Revisited by Lawrence Lindsey

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[18]

Pro-Growth Tax Policy for the Twenty-First Century

SOCIAL SCIENCE EXPERIMENTS, UNLIKE THOSE IN THE laboratory, are done in the midst of the ongoing evolution of society. That was certainly true of the original Growth Experiment, which took place along with a fairly revolutionary change in the conduct of monetary policy. As radical as the Reagan Revolution was, it still left in place the same basic structure of income-based taxation that had been set up in 1913. It updated that tax to deal with the problems that had emerged over time that made the old structure obsolete: disincentives caused by extremely high marginal tax rates on an increasingly entrepreneurial society, high inflation and bracket creep, a marriage penalty on a newly emerging ...

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