Fifty Years of Tax Cuts for Rich Didn’t Trickle Down, Study Says
Tax cuts for rich people breed inequality without providing much of a boon to anyone else, according to a study of the advanced world that could add to the case for the wealthy to bear more of the cost of the coronavirus pandemic.
The paper, by David Hope of the London School of Economics and Julian Limberg of King’s College London, found that such measures over the last 50 years only really benefited the individuals who were directly affected, and did little to promote jobs or growth.
“Policy makers shouldn’t worry that raising taxes on the rich to fund the financial costs of the pandemic will harm their economies,” Hope said in an interview.
It is a wise lesson to learn for politicians and policymakers. If you want to boost the economy, give tax breaks to the middle class or lower classes, they actually spend their money and spend it in their own community.
Not to hard to understand, but you still find people who believe in the argument of trickle-down even though it has been proven false time and time again.