“Illusory?” How much did your taxes get cut?
Short-term, a few FRN’s. In terms of purchasing power, not so much. Saying my taxes went down in any meaningful long-term sense, in this context, is a bit like saying that my income went up because I deposited those “free” cash advance checks that the credit card company sent me into my bank account.
A real tax cut would be a spending cut, in our current budget mess.
Seriously, do nominal tax rate reductions account for all the other things that W did??