Time For A Reagan Tax Cut In Japan?

Whatever its vaunted benefits, slashing taxes is no longer regarded as a panacea for the U.S. economy. Indeed, many observers believe the hefty tax cuts of the early Reagan era set off a chain reaction of effects that are largely responsible for America's current malaise. These include rising federal deficits, high real interest rates, an overvalued dollar, ballooning trade deficits, and soaring consumption.

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