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Senate Approves lax Cut lan The U.S. Senate has passed legislation to extend the Bush-era tax cuts for high-income earners to middle- class Americans earning up to $250,000 per year. Source: The Financial Times, July 26, 2012 Fact: Middle and low-income earners spend almost all their disposable incomes. High-income earners save a significant part of their disposable incomes. 9. a. Explain the intended effect of extending tax cuts to middle-class Americans but not for high-income families. Draw a graph to illus- trate the intended effect. b. Explain why the effect of tax cuts depends on What other info do you need?

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diven that Aggregate demnd is ex Pressed a sum of Consu mption enditure Cc) oveme exPendi tuve (a) investme nt expenditure C) less Tax (T) Ta cut uould incease aggregate demand and gatk in the economy of the two tar cut o high come v ner ωǐll affect the agg legate demand move a S igh incame cavners not onl spend on cons (c) but also on investment(1) ncrease in gover nment spending has agYeotev effect ơn a ggregate demand than a tax(ut This is be caus ata x cut affect the di sposableinae an noth real incame 5econdthe Lax Cut is a ccommoob(or by higher debk the (nle est vote ωll fall, t ea nvesement wi be lawev inthe econamsy his kind o ta (ut hos Cvouding dut effe

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