Tax compromise: a good crisis has been wasted

These two additional tax cuts will advance significant spending from 2012 into 2011 and could spur GDP growth to well over 3% by the end of 2011. Then the tax cuts expire and tax rate increases become a drag on 2012 growth. But a small net plus to GDP growth over the two years should be expected. Accelerated depreciation directly targets capital goods spending. Small private construction projects not now firmly scheduled for 2011 or even designed or permitted as well as larger projects

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