Tax cuts for the rich don't spur economic growth | Arkansas Blog

Monday, September 17, 2012

Tax cuts for the rich don't spur economic growth

Posted By on Mon, Sep 17, 2012 at 8:09 AM

There's a certain duh factor here, given the economic results of the Bush years and what the continuation of his tax cuts for the wealthy have trickled down on the U.S. Nonetheless, from Talking Points Memo:

There is no clear correlation between tax cuts for high earners and economic growth, according to a new study by Congress’ nonpartisan policy analyst.

“There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth,” concluded a report by the Congressional Research Service released Friday. “Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth.”

The Tea Party Republicans from Arkansas would insist the problem is we just haven't cut taxes for the wealthy enough. If we'd take back the earned income tax credit given the working poor and cut taxes on the wealthy further to, oh about zero on unearned income, Tom Cotton and the rest of braintrust indicate, prosperity would flow like a mighty stream. Tax work, not wealth.

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