Okay, great...we get a tax cut, but the budget shortfall has to be compensated somehow.  So we borrow money from China and the Saudis which we, and our children will be paying interest on for years to come.  But we can only borrow so much, so we print the rest.  every fiat dollar that is printed dilutes our money supply since it is not backed by a tangible commodity, and has no intrinsic value.  This inflation of the money supply is no different -- save for it's deceptive nature -- than any other tax.  And it hurt disproportionately the poor and middle class because they are most effected by the resulting price increases and they are typically the last to receive the "freshly printed" currency.  Those who benefit most are typically government contractors and those with close government ties who are first to receive the money before it has trickled down and diluted the money supply.  

besides the fact that it is a form of hidden taxation, it leads to misallocation of funds in the private sector that would normally (and should) rely on true market interest rates.  What we get is the business cycle, complete with booms and violent busts.  We should be familiar with it, since we're in the middle of a recession cause by a bursting housing bubble.