Tax cut: a rearrangement of the tax burden away from the recent winners in politics and toward the recent losers, often with a net increase in the amount of tax revenues collected.

Spending cut: a cut in the rate of increase of spending. If last year’s spending went up by 5% as compared with the year before that, and this year’s spending went up by 3% as compared with the last year’s, then that’s a 40% “cut.”

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