The myth of tax cuts and economic boom | Arkansas Blog

Monday, April 18, 2011

The myth of tax cuts and economic boom

Posted By on Mon, Apr 18, 2011 at 12:47 PM

Nice convergence of Twitter feeds a few minutes ago:

* Arkansas Business headlined a wire story that details how the super rich are paying lower taxes than ever — 17 percent federal tax take versus 26 percent in 2002 — and how the average tax rate for everyone is declining.

* U.S. Rep. Tim Griffin headlined a Republican talking point that spending, not revenues, were the problem and that "high taxes hold the economy back."

If the lowest tax rates in decades don't spur the economy, the answer clearly isn't another tax cut for the wealthy. But you already knew that if you read David Cay Johnston's cover story in this week's Arkansas Times.

Want to see graphically the evidence that there's no correlation between marginal tax rates and GDP? Try Slate.

Yet the faith-based voodoo economic theory lives on. The rich prosper. The poor who believe it keep waiting to be trickled on. The New York Times, by the way, gets it and summarizes the Republican attack on America.

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