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    In 2003, the Internal Revenue Service began to mail out refund checks because of a change in the tax law. Economic forecasters predicted that consumption and GDP would increase because of higher refunds on income taxes.

    Pretend as if you are an economist and explain your thoughts on whether the tax cuts from the past few years have been successful in promoting economic growth or in preventing a deeper decline? Are there other changes to fiscal policy that you feel would have been more successful?

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    The response addresses the queries posted in 383 words with references.

    //Before scripting about the views as an economist, regarding the concerned issue, we have to first understand the effect of economy on the income tax rate for the individuals. We will also discuss the effect of tax rate on the gross domestic production and the revenue of the Government. Along with this, the changes in the fiscal policy and its assistance in promoting the economic growth will also be discussed.//

    The growth of the economy of a country is affected by the rate of tax paid by the individuals. The individuals tend to do less consumption and ...

    Solution Summary

    The response addresses the queries posted in 280 Words, APA References