A Fever for Tax Cuts

Buoyed by rising revenues, states embark on a binge of rate cutting. Will Clinton be tempted to join in?

Ah, the blessings of a growing economy! Especially if you happen to be a Governor or a state legislator. It makes it possible to forget all that fiscal-stringency stuff that caused so much trouble the past few years and start cutting taxes again -- just in time for this year's state elections too.

But wait. Left to itself, some of President Clinton's advisers worry, the economy may not keep growing this strongly, or at all, for the next two years. What might guarantee that it will? A federal tax cut, of course, enacted in plenty of time to win the gratitude...

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