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brooklynite

(95,216 posts)
Sun Apr 21, 2024, 02:03 PM Apr 21

50 years of tax cuts for the rich failed to trickle down, economics study says [View all]

CBS News

Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.

The new paper, by David Hope of the London School of Economics and Julian Limberg of King's College London, examines 18 developed countries — from Australia to the United States — over a 50-year period from 1965 to 2015. The study compared countries that passed tax cuts in a specific year, such as the U.S. in 1982 when President Ronald Reagan slashed taxes on the wealthy, with those that didn't, and then examined their economic outcomes.

Per capita gross domestic product and unemployment rates were nearly identical after five years in countries that slashed taxes on the rich and in those that didn't, the study found.

But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.


Damn corporate media.....
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It took a study! ... Should have read, 'Area man still waiting for trickle down.' Hotler Apr 21 #1
50 year study also confirms: Water is wet. Marcus IM Apr 21 #2
i like to ask people..... Takket Apr 21 #3
We all knew this. As one poster said earlier, they had to have a study to learn this? I think that we're SWBTATTReg Apr 21 #4
Get rid of Repukes.... AZ8theist Apr 21 #18
Been saying this 'til turned BLUE(r) in the face. B.See Apr 21 #21
Tax cuts to the already rich trickled into the portfolios of the rich Model35mech Apr 21 #5
This article just confirms what most people have known for years and yet walkingman Apr 21 #6
Billionaires are collectively adding $2.7 billion to their fortunes daily. So. Trickle down. Kid Berwyn Apr 21 #7
And I had such high hopes for Trickle Down... jalan48 Apr 21 #8
what a surprise Jean Genie Apr 21 #9
A report from the Department of Duh surfered Apr 21 #10
K & R & Bookmarked SunSeeker Apr 21 #11
"Calvin" explains it: lastlib Apr 21 #12
Almost funny krkaufman Apr 21 #13
Yes There Have! ProfessorGAC Apr 21 #25
The tax code is written by politicians who need campaign donations... surfered Apr 21 #14
Only 50 years? Billionaires say we need more data. unblock Apr 21 #15
Models show it takes 51 years, just wait Johonny Apr 21 #16
I'd focus on "hoarded wealth" WarGamer Apr 21 #17
Everybody with functioning brain cells knew that one was a big lie Warpy Apr 21 #19
Conservatives love that tax cut stuff RANDYWILDMAN Apr 21 #20
It took 50 years to figure this out? NanaCat Apr 21 #22
It took a fucking 50 year study to find that out? I could have told them that 47 years ago. Autumn Apr 21 #23
What do corporations do with their profits? LiberalFighter Apr 21 #24
I am shocked. SHOCKED!!!! dutch777 Apr 21 #26
Trickle down works in its mysterious ways. keithbvadu2 Apr 21 #27
No sh*t, sherlock. elleng Apr 21 #28
Fresh evidence: Republicans' tax breaks didn't pay for themselves LetMyPeopleVote Apr 21 #29
Good on CBS, for reporting the truth, for once.... DemocraticPatriot Apr 21 #30
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