Merge pull request #2614 from PolicyEngine/MaxGhenis/issue2613

Remove LSRs from Tax Cuts for Workers Act

Author: MaxGhenis

src/posts/articles/tax-cuts-for-workers-act.ipynb

@@ -2983,7 +2983,7 @@
     "\n",
     "### Budgetary impacts\n",
     "\n",
-    "Over the 2026-35 budget window, and assuming no behavioral responses, the reform would cost the federal government $65.4 billion, with costs decreasing from [$7.0 billion](https://policyengine.org/us/policy?reform=81471&focus=policyOutput.budgetaryImpact.overall&region=us&timePeriod=2026&baseline=2&dataset=enhanced_cps) in 2026 to $6.1 billion in 2035. Applying labor supply elasticities from the Congressional Budget Office, the federal cost rises 169% to $175.8 billion over the budget window. For example, applying CBO elasticities in 2026, we project that the reform [reduces earning](https://policyengine.org/us/policy?reform=81478&focus=policyOutput.laborSupplyImpact.earnings.overall.relative&region=us&timePeriod=2026&baseline=2&dataset=enhanced_cps), which in turn reduces tax revenues and increases outlays for programs like SNAP.\n"
+    "Over the 2026-35 budget window, and assuming no behavioral responses, the reform would cost the federal government $65.4 billion, with costs decreasing from [$7.0 billion](https://policyengine.org/us/policy?reform=81471&focus=policyOutput.budgetaryImpact.overall&region=us&timePeriod=2026&baseline=2&dataset=enhanced_cps) in 2026 to $6.1 billion in 2035."
    ]
   },
   {
@@ -3529,7 +3529,7 @@
     "## Conclusion\n",
     "\n",
     "\n",
-    "The Tax Cuts for Workers Act would cost the federal government $65.4 billion over the 2026-35 budget window, assuming no behavioral responses. Accounting for state and local tax impacts, which add 21% to the aggregate impact beyond the federal taxes, it increases net income for 10% of the population, with an average household increase of $59 ($590 per affected household). Households in the first and second income deciles would see the largest benefits ($95 and $91 respectively). The TCWA is projected to reduce poverty by 0.3% and the Gini index of income inequality by 0.05%. While it reduces marginal tax rates for the lowest earners, substitution effects from the higher marginal tax rates in the phase-out range combine with income effects to reduce labor supply and increase costs when applying CBO’s labor supply elasticities.\n",
+    "The Tax Cuts for Workers Act would cost the federal government $65.4 billion over the 2026-35 budget window, assuming no behavioral responses. Accounting for state and local tax impacts, which add 21% to the aggregate impact beyond the federal taxes, it increases net income for 10% of the population, with an average household increase of $59 ($590 per affected household). Households in the first and second income deciles would see the largest benefits ($95 and $91 respectively). The TCWA is projected to reduce poverty by 0.3% and the Gini index of income inequality by 0.05%.\n",
     "\n",
     "We invite readers to explore this reform and others in the [PolicyEngine app](http://policyengine.org).\n"
    ]