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“Kemp-Roth tax cut” of 1981, which slashed income-tax rates, corporate taxes, estate taxes, and taxes on capital gains.” - Source
“In those days the institution worked exclusively on a one-year budget time frame. The problem of massive, long-run fiscal imbalance had not yet materialized.” - Source
“When you started with an inflation - and bracket-creep-swollen revenue level and trotted it out four or fives years in the future, fiscal miracles were easy. You could have a whopping big tax cut and not create a deficit. Essentially, high inflation was raising projected taxes as fast as you were cutting them. - Source
The numbers are so large that it’s difficult to understand. As Jessica Reidl writes in The Atlantic, “Simply continuing today’s tax and spending policies will escalate the federal debt to 241 percent of the economy over the next three decades.”
