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Public Investment and Deficit Reduction

By: J. D. Foster, Ph.D.

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In spring 1993, the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation was invited to testify before the House Ways and Means CommitteeThe Committee on Ways and Means, more commonly referred to as the House Ways and Means Committee, is one of 29 U.S. House of Representative committees and is the chief tax-writing committee in the U.S. The House Ways and Means Committee has jurisdiction over all bills relating to taxes and other revenue generation, as well as spending programs like Social Security, Medicare, and unemployment insurance, among others. on the Clinton administration’s proposals for public investment and deficit reduction. The following testimony was presented by the Tax Foundation’s Chief Economist, JD. Foster, to the Committee on April 1, 1993.