In a now-abandoned move, there is a plan to reduce income taxes on high-income earners as a way to spur economic growth. The policy was criticized on the basis that it would increase inflation. Using a basic supply and demand model of the market for goods, treat the reduction in income taxes as an increase in income, and discuss whether one, none, or both assertions about the impact of a potential income tax cut are justified. Simplify the analysis and consider an increase in output as a sign of economic growth and an increase in price as evidence of inflation. Explain in words and graphically.