Well, it’s official. Cutting taxes on folks like Mitt Romney DOESN’T “grow the economy.”
The week before last, the Congressional Research Service released a report concluding that reducing top tax rates does NOT affect “saving, investment, or productivity growth.” In other words, the supply-side justification for cutting taxes simply isn’t true.
The Republican Party has argued for decades that cutting top tax rates would improve the economy. Obviously, that didn’t work under President George W. Bush – instead, the nation had one of the worst economic crises ever. Now, Congress has a report that explains why.
You may have never heard of the Congressional Research Service; it’s one of the best-kept secrets on Capitol Hill. Established in 1914, the CRS “serves as shared staff to congressional committees and Members of Congress.” The CRS provides “comprehensive and reliable legislative research and analysis that are timely, objective, authoritative, and confidential, thereby contributing to an informed national legislature.
In other words, for almost 100 years, their job has been to serve as fact-checkers for Congress – to tell Congress “what the truth is.”
And the week before last, the CRS told Republican Congressmen that cutting taxes on the rich doesn’t improve the economy.
But have you heard Rep. Paul Ryan mention this study? Has he made any changes to his prescription for changing the economy? Has he admitted that his House budget – which would have given the richest taxpayers a tax break of about $300,000 each – was based on an economic theory that has been proven wrong? Do you think you’re going to hear any of that, in the final weeks of this campaign season.
You can read the CRS report for yourself here. (Remember, this report is from the researchers Congress relies on to tell them the truth.)
And then tell people about it. Put it on your Facebook page. Send everybody you know an email. Talk about it while you’re waiting in line at the grocery store.
Those of us who work for a living need to talk about this report– because Representatives Paul Ryan, Frank Guinta and Charlie Bass certainly aren’t going to.