We believe that tax relief should be fair and objective. It should extend across the board and help every single taxpayer. Projected government surpluses for the next decade could vanish, critics claim. This is, however, beside the point. The notion that tax relief costs the government money is false.
Tax relief costs nothing.
The problem is, and has always been, spending. The government will run deficits only by spending too much, not by taking too little. Tax cut foes claim that once the debt is whittled down, then it will finally be time for tax cuts. In addition, should the federal government begin repurchasing Treasury notes before they mature, it will prove more expensive to the taxpayers than if the federal government simply redeems Treasury notes as they come do. In 2006, under current trends, accelerated debt repayment becomes a problem.