As the U.S. economy languishes at the start of an election year, leaders in both political parties are proposing tax relief as a remedy. Ill-conceived tax cuts, however, would do nothing to help the economy and would further increase the federal deficit. Fortunately, there is a better way. By selectively reducing taxes on capital and labor, we can stimulate the economy and reduce the deficit at the same time. This pro-growth strategy focuses on three types of tax measures.
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