When President George H. W. Bush lowered tax withholding in 1992 without lowering the amount of taxes owed, surveys showed that:

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Surveys showed that a majority of respondents said they would save the higher take-home pay, but a significant minority said they would spend it. This suggests that although some people chose to save the extra money, many others were likely to spend it instead of using it to pay off debt or save for the future.