States explore tax cuts to offset soaring inflation, but it could make the problem worse

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States explore tax cuts to offset soaring inflation, but it could make the problem worse
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The push to lower taxes comes as consumers grapple with the highest inflation in nearly 40 years.

As a result, states – many of which are still flush with stimulus cash – are trying to pad consumers' wallets by lowering taxes.

"What a deal," he wrote in a recent blog analysis. "In exchange for modest tax savings, people will pay higher prices and interest costs."

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