Tax Cuts for the Rich Hurt Rich People
Conservatives have told you that a raise in the minimum wage will hurt low-income workers. They have warned that paid maternity leave actually hurts mothers and how overtime pay punishes employees. Yet, somehow, conservatives have avoided applying the “law of unintended consequences” to tax cuts for the rich.
It almost appears as if this argument ceases to be relevant when the benefits go to the very wealthy.
Progressives have a remarkable opportunity here—to use a tried-and-true conservative talking point to subvert the most damaging economic myth in America today. After all, while tax cuts sound good at face value, in the end, evidence suggests they do not lead to the very thing they promise to generate: a thriving economy.
Despite this economic reality, slashing tax rates for the wealthy remains the fulcrum of trickle-down economics, a so called “silver bullet for job creation.” Vice President Pence, for example, claims that (at every occasion) tax cuts “generated economic growth” and “expanded the economy.” Hell, they even supposedly increase tax revenues.
The problem with this argument is that it is completely unsupported by evidence. More and more research is showing that tax cuts not only hold back our economic prosperity, but also represent a bullet to the heart of our economy—the middle class consumer.
https://civicskunk.works/tax-cuts-for-the-rich-hurt-rich-people-3c8e419b1744
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