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To: mepci who wrote (163240)	12/15/2000 2:25:46 PM
From: BWAC	Read Replies (1) \| Respond to of 176387

<reason for not cutting any taxes at this time.> Cutting taxes will have little or no effect on the economy anyway. When you give $10 back to someone who can't pay their bills anyway, it doesn't lead to more spending. And when you give $10,000 back to Mr. Megabucks, it doesn't lead to more spending. He already had enough to spend regardless.

To: mepci who wrote (163240)	12/15/2000 3:34:04 PM
From: dwdkc	Read Replies (1) \| Respond to of 176387

Mepci, I think the conventional wisdom you espouse is wrong on tax cuts. First, surplus creates an irresistable political desire to spend. Federal spending on non-productive activities is rising quickly. I prefer to keep Washington on a budget. I am more concerned with the resources that are taxed from the private sector that would produce more prosperity. Tax cuts, to the "rich" as well as middle class, will have the best longterm economic effect. We are slowing so quickly that they are looking better and better. We might not see the reduction in revenues relative to not cutting that everyone fears so much. In gridlock with surpluses, the difference is split by spending on every congressman's priorities (this or that, OK we'll go with both). I believe tax cuts will have a restraining effect on spending, and less effect on debt reduction than is realized.