50 years of tax cuts for the rich failed to trickle down, economics study says
BY AIMEE PICCHI

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 ...

https://www.cbsnews.com/news/tax-cuts-r ... ckle-down/

Why would anyone be surprised?

Almost everything Republicans get wrong about the economy started with a cocktail napkin in 1974



The sealing of America’s fiscal fate began in 1974, over cocktails.

As afternoon faded to evening on December 4, Dick Cheney and a young economist named Art Laffer shuffled into a booth at the Two Continents restaurant in the iconic Hotel Washington—it had appeared in scenes from the Godfather II just months earlier—two blocks from the US Treasury department. Cheney was US president Gerald Ford’s deputy chief of staff. He and his boss, Donald Rumsfeld, were looking for ....

https://qz.com/895785/laffer-curve-ever ... aganomics/

there are a bunch of false assumptions in the Laffer Curve.

first of all, nobody has ever been asked to pay 100%
so, even though it MIGHT be true that people would simply forgo the
income at that level, it will never happen, so why even suggest it.

but the BIGGEST flaw is that Laffer conflates incremental rates with
top tier rates. so, sure, it is true that nobody will work if they are getting
taxed 100%, people MIGHT work if they are getting taxed at 99% for anything
over $1M/year (as an example).

this is actually the SECOND study to confirm this result, btw.
so yeah, supply side economics is officially bogus.
not that there was ever much doubt.
the idea never really made sense.
I liked the GHWB called it "voodoo economics".

Yet, there is still a lot of money being poured into campaigns to advance this debunked economic policy. It is discouraging that no matter how much truth and science is revealed, the opposite ideas remain strong and financially fat.

of course. in a country where a considerable number of people think that there is a child molester ring run by the Clintons out of a DC Pizza Parlor, what POSSIBLE incentive would the GOP have to STOP lying about this?

Let's assume for minute the Laffer Curve was for real. Just because it worked the first time doesn't mean you can keep on using it. It had a point where further cuts reduced revenues and pay back. It didn't mean everytime you cut taxes is was good for the economy. Trump's cuts, for example, cost the economy and American people nearly three trillion dollars although he personally made-out like a bandit.

the whole thing about professional life is retesting theories.

this thing is DEAD. it has been for 20 years.
but people still treat it like it is living.

Sounds like a religion.

cult, I am thinking.
it is more based on a single idea than any text or scripture.