For The Last Word's rpeort on the subject go here.Surprise, surprise! George HW Bush called it "Voodoo Economics" when he ran against Reagan in the primary in 1980. He was bribed into silence on that subject (and choice) by being offered the VP slot and became a supporter of tax cuts for the rich.
But he was right (at least initially). Tax cuts for the rich do not promote growth. And now, after decades of trying it out, we have proof in a study by a non partisan group - or do we have that proof after all?
Turns out that today's Republicans are trying to hide the report.
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Updating with some relevant links:
What Senate Democrats say
Link to the study!
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Rec list! Thank you! But I'm glad this is getting some attention.
Here are a few relevant paragraphs.
After pressure from the GOP, a nonpartisan congressional agency withdrew a report that found tax cuts for the rich don’t spur economic growth and instead worsen inequality. Staffers at the agency tell MSNBC.com they’re up in arms over the move. And top Democrats, too, want answers.
And here's some more:
At issue is a study released in September by the Congressional Research Service, which serves as Congress’s in-house nonpartisan policy research arm. “The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie,” the study found. “However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.”
We all knew this, of course, but Mitch McConnell ain't havin' none of it! Republicans are against inconvenient truths!
If this was diaried elsewhere, my apologies.
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