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ice and in the shop for some much-needed repair work.
Many thanks.
SALEM VOLUNTEER
FIRE DEPARTMENT
And RESCUE SQUAD
The largest impact of such a tax increase would h ■ a big jump in the growth rate of spending the first year. In later years, spending w ould be as much as $25 billion higher than it would have been without the tax increase and total spending will have grow-n more than 15 percent faster over the four-year period than it otherwise would have. The deficit would remain the same.
Tax increases will do nothing to reduce the deficit. Policymakers simply need to restrain the growth of federal spending. In 1987, the growth of spending was held to 1.5 percent, and the deficit fell by a record $71 billion. If spending growth was limited to 1.5 percent from 1990 to 1992, the nation would enjoy its first budget surplus since 1969.
Daniel J. Mitchell is the director of tax and budget policy for Citizens for a Sound Economy, a 250,000member, independent public interest group located in Washington, D.C..
87.7%