50 years of tax cuts for the rich failed to trickle down, economics study says

Homepage | Forums | Topics In Depth | Economics | 50 years of tax cuts for the rich failed to trickle down, economics study says

Viewing 4 reply threads
  • Author
    Posts
    • #400484
      eridani
      Participant
      • Total Posts: 9,009

      https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/

      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 2015. 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.

      But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #400503
      3fingerbrown
      Participant
      • Total Posts: 3,525

      Yea, we noticed. Thanks economics study!

      All governments lie to their citizen's, but only Americans believe theirs.

    • #400535
      NV Wino
      Moderator
      • Total Posts: 7,458

      .

      “As we act, let us not become the evil that we deplore.” Barbara Lee
      “Politicians and pro athletes: The only people who still get paid when they lose.” William Rivers Pitt

    • #400591
      MistaP
      Participant
      • Total Posts: 2,976

      the guy Reagan put in charge, Stockman, said that after EIGHT MONTHS

    • #400606
      Ohio Barbarian
      Moderator
      • Total Posts: 20,670

      .

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

Viewing 4 reply threads
  • You must be logged in to reply to this topic.