Lowering tax rates for the wealthiest Americans has long been a staple of Republican rhetoric. In the era following what 1980 Presidential candidate George H.W. Bush described as eventual winner Ronald Reagan's "Voodoo Economics," the belief that benefits would "trickle down" to lower economic levels became an unquestioned part of the party's orthodoxy... Somehow tax cuts would both directly increase tax revenues and create jobs in the process, as opposed to inflating stock prices and brokers' income.
Sounds good... Until you do the math.
If the chart had stuck, it'd look like this:
So, with the current pace of job growth indicating it would take more than 12 years to recover all the jobs lost since the 2008 financial sector meltdown, are the rich ready to lay it on the line to test whether there's any truth to the claim tax cuts (rather than increased demand for products & services) produce jobs.
Time to put up or shut up, Mr. Moneybags!
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| Audio Embed: Dave Ross, KIRO-FM/Seattle, 7/16/10. | |
Earthquake, tsunami,
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