Economist: Although obviously cuts in personal income tax rates for the upper income brackets disproportionately benefit the wealthy, across-the-board cuts for all brackets tend to have a similar effect. Personal income tax rates are progressive (i. e. , graduated), and if total revenue remains constant, then across-the-board cuts in these taxes require increasing the amount of revenue generated through nonprogressive taxes, thereby favoring the wealthy. Yet if nonprogressive taxes are not increased to compensate for the cuts, then the budget deficit will increase, requiring more government borrowing and driving up interest rates. This favors those who have money to lend, once again benefiting primarily the wealthy. Which one of the following statements most accurately expresses the main conclusion of the economist's argument? ['It is the wealthy who are favored by generating a high amount of revenue through nonprogressive taxes.', 'Across-the-board personal income tax rate cuts generally benefit the wealthy more than they benefit others.', 'Across-the-board cuts in personal income tax rates do not generate enough additional economic activity to prevent a net loss of revenue.', 'Cuts in personal income tax rates for upper income brackets benefit the wealthy more than they benefit others.']