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When asked if holding the games would cause taxes to rise, Mr Blair said the event had been costed and would benefit the country.
Unchecked soon, they could drive out other public services or cause taxes to rise to economically destructive levels.
The proposal, which remains characteristically sketchy, could add trillions to the national debt by providing generous tax cuts to some of the nation's wealthiest, while National Economic Council Director Gary Cohn admitted Thursday morning he "can't guarantee" it won't cause taxes to go up on some middle-class families.
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Higher earnings cause tax credits, housing benefit and council tax support to be withdrawn, often simultaneously.
The theory further contends that when tax rates reach a certain critical level, further increases have such a dampening effect that they actually cause tax revenues to decrease, for a time, at an accelerating rate.
Personal income taxes are by far the most important source of government revenue in all rich economies (see chart 2).Will international competition cause tax regimes to change further and converge?
Investors speculated that a Bush victory, coupled with continued Republican control of Congress, ending gridlock in Washington, would cause tax cuts large enough to erode the federal budget surplus, signaling the need for bigger debt sales by the Treasury Department.
This is potentially problematic because any liquidation would cause tax issues for the shareholders.
The usual reasoning is that zeros cause tax misery because you have to declare the interest income currently even though you will get your hands on the interest only years later.
Spending cuts cause tax revenues to shrink, which results in more spending cuts.
Less than six months usually doesn't make sense for the buyer, and more than 2 years (sometimes more than 1 year) may cause tax or legal complications.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com