Dear Mr. Bush. It isn't how you tax it, its how government spends it. That dawg may hunt but it's barking up the wrong tree. But wait, don't let me confuse you with the facts.

Then why do many high-tax countries do so well? "Looking at taxes only is only one-half of the story," Mr. Slemrod said. "If government raised taxes but then spent the money poorly, the economy would grow more slowly."

Could it be that some governments spend tax revenue more effectively than others and may even promote growth in the process? Now there's a good question for Americans to ponder as they go to the polls next week.