For about fifty years the Repubs have promised with every tax cut that it would miraculously help the working class in the long run. Well that was a lie….and the working class is still waiting for the ‘trickle down’ effect promised.
And now that the GOP is out of favor I expect that there will be more calls for tax cuts to pay for all the assistance that was given to the country….including the wealthy that did not need the help.
I have given my thoughts on this BS and every time the GOP offered it is accepted….and now I try again to prevent bullshit from becoming policy.
My original posts…..
Now that we have a new president I suspect the calls for massive tax cuts will begin in January 2021 by the GOP and its minions.
Neoliberal gospel says that cutting taxes on the wealthy will eventually benefit everyone by boosting economic growth and reducing unemployment, but a new analysis of fiscal policies in 18 countries over the last 50 years reveals that progressive critics of “trickle down” theory have been right all along: supply-side economics fuels inequality, and the real beneficiaries of the right-wing approach to taxation are the super-rich.
The Economic Consequences of Major Tax Cuts for the Rich(pdf), a working paper published this month by the International Inequalities Institute at the London School of Economics and written by LSE’s David Hope and Julian Limberg of King’s College London, examines data from nearly 20 OECD countries, including the U.K. and the U.S., and finds that the past five decades have been characterized by “falling taxes on the rich in the advanced economies,” with “major tax cuts… particularly clustered in the late 1980s.”
But, according to Hope and Limberg, the vast majority of the populations in those countries have little to show for it, as the benefits of slashing taxes on the wealthy are concentrated among a handful of super-rich individuals—not widely shared across society in the form of improved job creation or prosperity, as “trickle down” theorists alleged would happen.
It is ALL a lie….there has never been any benefit for the working class from so-called ‘trickle down’ economics.
Just wait….the calls for wealthy tax cuts will begin again now that there is a Dem in the White House and can watch the middle class dissolve a little more.
I Read, I Write, You Know
“lego ergo scribo”