Yet more evidence that cutting taxes for the rich makes zero difference to economic growth. From the HuffPost:
A Congressional Research Service report that was reissued Thursday after Republicans complained about it before the elections still finds little evidence that the Bush-era tax cuts spurred growth or that hiking the top rates would have more than a “negligible” impact on the economy.
The CRS study did find, however, that the lower tax rates in place since 2001 have had a strong impact on increasing income inequality in America.
“Analysis of such data conducted for this report suggests the reduction in the top tax rates has had little association with saving, investment, or productivity growth,” the study says. “It is reasonable to assume that a tax rate change limited to a small group of taxpayers at the top of the income distribution would have a negligible effect on economic growth.”
However, if you keep repeating that tax cuts for the rich create economic growth, then at some point it miraculously will. Just like markets self regulate and work for the benefit of everyone, and industries know what is best for the environment and will voluntarily stop bad practice without government intervention. Oh, and there’s also global warming that doesn’t exist if you cite the 0.000001% of the scientific community that believes it to be a fraud…..
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.