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<<Despite all the supply-side rhetoric that we've been bombarded with for the past thirty years, it was telling that, when our economy hit the skids, the tax rebate checks were quickly stuffed in the mail. Even the supply-siders know (although they rarely admit it) that the consumer is all important. Without the consumer, venture capitalists can create any new business or service they want, but the business will fail unless it can attract customers, and the customers are your average Americans.

Perhaps politicians are demonstrating that they believe that if you want money spent rapidly, you should give a broad rebate that will go to most Americans.

If you want money invested shrewdly in way that will build up business investment, rebates to the general population aren't going to accomplish much. Providing low tax rates for those who already make such decisions, by taxing capital gains lightly (for example) may be a highly effective way of accomplishing that purpose.

Seattle Pioneer
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