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

Is there a defense of the tax cut you can offer, seeing as it did not produce the results it was sold on, other than making the argument for spending cuts? Which will reduce GDP and thus tax receipts.

 

For the democrats, fair is more.

 

Guess what else happened while St. Ronnie was prez? Deficits skyrocketed. I'm sensing a theme here.

 

I am confident I can defend my position and look forward to it as soon as you can show the year our Federal government brought in less.

 

Covid has been a boon to the uber wealthy as they added over $1.1 Trillion to their wealth in the last nine month of 2020 while at the same time putting over 8 million Americans below the poverty level. The number of people falling below the poverty level was the biggest in over fifty years.

 

Yet the poverty capitol of the US is California, where the wealthy carry a heavier tax burden. Why do you think that is?

 

Trump tax cuts did little to boost economic growth in 2018, study says

The U.S. economy’s strong 2018 performance happened without much health from the massive tax cut President Donald Trump ushered through the previous year, according to a study released this week.

An in-depth look by the nonpartisan Congressional Research Service indicated that not only did the rollbacks in business and personal rates have little macro impact, but they also delivered the most benefits to corporations and the rich, with little boost to wages.
https://www.cnbc.com/2019/05/29/tru...boost-economic-growth-in-2018-study-says.html

 

So how much less did the feds take in as a result?

 

Thomas Jefferson thought that the worse part of European culture was great inequalities in wealth, rights, and freedoms. And he saw the link between them. He envisioned a classless society. His idea to achieve this was through public education and through progressive taxation. That those with little or no wealth paid little or no taxes while those who had great wealth paid great taxes. The Jefferson plan would have made billionaires an impossibility. The underlying idea was that once a person amassed great wealth, that person could use that wealth to set oneself as a lord over others. By reducing the accumulated wealth in an accelerating fashion, it would become increasingly difficult for a single entity to amass enough wealth to wield an oversized power over one’s fellow citizens.

If any one knows electronic circuits, progressive taxes are a bit like a negative feedback loop. Where a portion of the output signal is fed back into the input in such a way that reduces the output, yet creates a more stable circuit. Otherwise one risks the circuitry going into electrical overload, and thermal runaway which destroys physical components.

This basic idea was in FDR’s thoughts, as it was in LBJ’s. And it runs deep in liberal circles, even among billionaires like Bill Gates and Warren Buffet. It all comes back to the basic Jeffersonian principle, the greatest good for the greatest numbers.

 

Where in there is there any evidence that one person paying more taxes than every other person for essentially the same services is fair? That sounds very unfair to me. Why work hard for wealth, if you are not going to end up any better off than the person who does not work hard?

 

WE needed a study to know this?

 

Why is there any belief that a tax cut for the rich should trickle down? It was their money to start with. They only got to keep more of what they earned to start with.

 

Have you ever noticed, that at least since Carter, spending, and debt have gone up under Republican presidents, and much less so than under Democrats. Bill Clinton gave us a surplus which lil’ Bush drove into the ditch. Obama, with great resistance from a Republican Congress, reduced the deficit and Trump exploded both the deficit and the national debt, before the pandemic hit.

We have seen this pattern repeated over and over, at least since the time of Carter. That is, when a Democrat is in office, Republicans will go on and on about how much deficits and debt are ruining us. Yet, when a Republican is sitting in the White House, they bat not an eye as both the debt and deficit explode. Then when a Democrat comes back to power, once again the deficit and debt suddenly matter to Republicans.

 

So kriman, are you saying the rich who derive the vast majority of their from and through the working people of the USA owe absolutely nothing in return to them????

 

Inflation.

The economy at the end of every president’s term is greater than their predecessor’s because of population growth and inflation.

 

But they did not go to everyone equally.

 

You mean the people who provided jobs for those who did not work as hard and smart, owe something more than the wages they agreed to pay.

 

Have you ever noticed that is BS?
The current congress always spends more than the proceeding one unless the house and senate are held by differing parties. And that depends on what percentage of the Republican portion's leadership is Neocon.

 

However it seldom doubled in right years. And you aporent forget that the biggest part of Reagan's tax reform was to index the tax tables to inflation. Which meant that the increase in tax collections due to inflation was absolutely minimized.

 

If the wealthy are invested in the companies that employ the majority of Americans, and they are not performing their jobs WELL the companies and stocks would fall in price not be increasing. Yet these employees by and large are not seeing their fortunes increasing???And certainly not at the rate the wealthy are advancing their holdings.

 

Well actually the study such as it is only proved that confirmation bias us still alive and well in the halls of a academia.

 

We live in a society. You are not a rock in the wilderness. Besides, your panic attack is more internal than external and greatly exaggerated. There is nothing in progressive taxation that prevents one from becoming fabulously wealthy. It prevents one from becoming excessively wealthy.

 

they took in the same percentage less as the percent of tax rate cuts. basic math

 

Is there a point buried in their somewhere?

 

Personally I would like to see us temporarily return to the high tax rates of the Eisenhower administration, when we last saw a real effort to improve our nations infrastructure with the interstate highway system and airport and utility infrastructure improvements, with a real effort to pay for them.