New studies dispel remaining ‘Trickle-Down’ myth that Tax Cuts for the Rich leads to Job Creation
Not all tax cuts are created equal… True. BUT neither is demand side spending sprees…. Well libs if you want that socialist utopia I double dog dare you to sell those SKY high VAT taxes that FUND it in Europe. Good luck.
The conservative mantra sung by Republicans over and over (ad nauseam) goes like this (in case you’ve been living in a cave and haven’t heard it): “Give rich people tax cuts and they’ll create jobs through entrepreneurship and by otherwise investing in the economy.” It is the quintessential expression of supply-side economic theory (a.k.a. “trickle-down” and “Reaganomics”) which has dominated U.S. tax policy since the early 1980’s.
However, facts have a way of dispelling these conveniently self-serving myths.
According to research from American Express Publishing and Harrison Group, the savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter. That’s up from 34 percent in the second quarter of 2012—and more than three times their savings rate in 2007.
A separate study from Bank of America recently found that 56 percent of millionaires have a…
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