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.

Tags: , , ,

From the ArkTimes store

Favorite

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

Readers also liked…

  • Auditor Lea caught not telling the truth

    State Auditor Andrea Lea, who began her tenure in statewide office with a degree of competence unseen in some other Republican counterparts (think Treasurer Dennis Milligan particularly), is becoming more deeply mired in a political scandal.
    • Mar 4, 2016
  • Donald Trump declares war on Hillary Clinton's marriage

    Donald Trump gave a remarkable interview to the New York Times yesterday in which he declared open season on the marriage of Bill and Hillary Clinton and Bill Clinton's past infidelity. Seems like a loser, but I've been wrong before.
    • Oct 1, 2016
  • Another Republican miracle-working governor

    Great piece in Washington Post on the budget crisis in Louisiana. Big tax cuts and corporate welfare will do that to a state, particularly to a state whose previous governor, Republican Bobby Jindal, refused to join the Obamacare-funded Medicaid expansion. There's a lesson there for Arkansas.
    • Mar 4, 2016

Most Shared

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation