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Tax Cuts for the Wealthy DO NOT Stimulate the Economy
New study by the Congressional Research Service
http://finance.yahoo.com/blogs/daily-ticker/tax-cuts-wealthiest-don-t-stimulate-economy-report-160714639.html
...a new report released by the Congressional Research Service questions the impact of tax cuts for the wealthiest Americans. The nonpartisan CRS says cuts in the top marginal tax rate and top capital gains tax rate "do not appear correlated with economic growth."
The report says cutting top tax rates don't appear to boost saving, investment or productivity, or the size of the economic pie, but do seem to increase disparities in income.
The idea that you cut taxes to stimulate the economy has been the center of the Republican plank for 30 years starting with Reagan, says The Daily Ticker's Henry Blodget. "This Congressional Research Service report, which is nonpartisan, says there's no evidence that that is true."
The report says cutting top tax rates don't appear to boost saving, investment or productivity, or the size of the economic pie, but do seem to increase disparities in income.
The idea that you cut taxes to stimulate the economy has been the center of the Republican plank for 30 years starting with Reagan, says The Daily Ticker's Henry Blodget. "This Congressional Research Service report, which is nonpartisan, says there's no evidence that that is true."
link to study:
http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf
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