LINK 50 Years of Tax Cuts For The Rich Failed To Trickle Down, Economic Study Says.
DUH...
Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.
The new paper, by David Hope of the London School of Economics and Julian Limberg of King's College London, examines 18 developed countries — from Australia to the United States — over a 50-year period from 1965 to 20. The study compared countries that passed tax cuts in a specific year, such as the U.S. in 1982 when President Ronald Reagan slashed taxes on the wealthy, with those that didn't, and then examined their economic outcomes.
Per capita gross domestic product and unemployment rates were nearly identical after five years in countries that slashed taxes on the rich and in those that didn't, the study found.
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Trickle down has been a piece of self-serving propaganda for the wealth for generations and still there are those that continue to tout this BS. In the end tax cuts, especially for the wealthy, only harm the economy and promote the wide disparity in incomes we see today.
JackPedigo
Level 9
Jan 24, 2021
1
I knew this long before this study was done. (
silverotter11
Level 9
Jan 23, 2021
2
When money is given to the unemployed, the homeless, the people who either do not or cannot make a living from their labor, the economy improves as that money gets circulated within the community and the economy in general. When the rich get the money it goes into an account in a foreign land where it is not circulating through the economy and this not doing any good to the society at large.
dalefvictor
Level 8
Jan 23, 2021
2
We need a major tax break for anyone making less than $300,000 a year and then a slight increase at $500,000 then incrementally up to 90% for anyone earning over a billion a year.
It's where all the money is.
Willow_Wisp
Level 8
Jan 23, 2021
3
In the US today no one needs a tax break. We already have one of if not the lowest personal income tax among the developed nations. However, we do need more of a truly progressive tax for the wealthy who often hire expensive attorneys to pay little or no taxes. Hell, if that money was paid to the IRS instead of tax lawyers we would be better off.
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