The Bush Tax cuts were actually a very long tax holiday, a temporary reduction in taxes. Had they expired in 2005 (or 2004?), they probably would have crashed the housing market sooner, but at far less total cost.
Republicans should favor tax cuts. All of them.
Also tax holidays, all.
And, my own idea, Reps should promote counter-cyclical Tax Loans.
Where taxpayers borrow their own tax payments today, to be repaid with Fed prime interest, in the future.
Instead of sending the IRS money, companies and individuals would send the IRS a form to borrow up to 100% of the tax owed. To be repaid in 4 years, starting after a 1 year grace period of interest only payments.
Thus, more taxpayers could have more disposable/ investable money now, while the full business cycle deficit doesn’t get worse because this tax loan money will be repaid.