If You Liked The Horrible "Health Insurance Reform" Deal the GOP
Slapped Together In Secret
Then you'll love the GOP Trickle Down
Tax "Reform" Scheme
October 12, 2017
Opinion by Robert Reich
Graphics courtesy Inequality Media video with Tom Steyer titled, "Why tax cuts for the rich are a stupid idea."
(BERKELEY, CA.) -- The coming tax cut for for millionaires and billionaires.
Watch the video below....
For those of you who could not view the above video for one reason or another, here is the text contained therein
"Trump and conservatives in Congress are planning a big tax cut for millionaires and billionaires. To justify it they’re using the oldest song in their playbook, claiming tax cuts on the rich will trickle down to working families in the form of stronger economic growth.
Baloney. Trickle-down economics is a cruel joke. Just look at the evidence:
1. Clinton’s tax increase on the rich hardly stalled the economy. In 1993, Bill Clinton raised taxes on top earners from 31 percent to 39.6 percent. Conservatives predicted economic disaster. Instead, the economy created 23 million jobs and the economy grew for 8 straight years in what was then the longest expansion in history. The federal budget went into surplus.
2. George W. Bush’s big tax cuts for the rich didn’t grow the economy. In 2001and 2003, George W. Bush lowered the top tax rate to 35 percent while also cutting top rates on capital gains and dividends. Conservative supply-siders predicted an economic boom. Instead, the economy barely grew at all, and then in 2008 it collapsed. Meanwhile, the federal deficit ballooned.
3. Obama’s tax hike on the rich didn’t slow the economy. At the end of 2012, President Obama struck a deal to restore the 39.6 percent top tax rate and raise tax rates on capital gains and dividends. Once again, supply-side conservatives predicted doom. Instead, the economy grew steadily, and the expansion is still continuing.
4. The Reagan recovery of the early 1980s wasn’t driven by Reagan’s tax cut. Conservative supply-siders point to Ronald Reagan’s 1981 tax cuts. But the so-called Reagan recovery of the early 1980s was driven by low interest rates and big increase in government spending.
5. Kansas cut taxes on the rich and is a basket case. California raised them and is thriving. In 2012, Kansas slashed taxes on top earners and business owners, while California raised taxes on top earners to the highest state rate in the nation. Since then, California has had among the strongest economic growth of any state, while Kansas has fallen behind most other states.
So don’t fall for supply-side, trickle-down nonsense. Lower taxes on the rich don’t generate growth and jobs. They only make the rich even richer, at a time of raging inequality, and they cause bigger budget deficits.
[*Our thanks to Alexandra Thornton and Seth Hanlon from the Center for American Progress]
ROBERT B. REICH is the Chancellor’s Professor of Public Policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies.
He served as secretary of labor in the Clinton administration and Time magazine named him one of the 10 most effective cabinet secretaries of the 20th century.
He has written 14 books, including the best-sellers Aftershock, The Work of Nations, Beyond Outrage and most recently Saving Capitalism.
He is also a founding editor of The American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences and co-creator of the award-winning documentary INEQUALITY FOR ALL.
Local editor's note: readers may also be interested in reading this article about the utter disaster and failure the conservative/Reagan-style "cut those taxes and watch the economy and jobs grow!" plan was for Kansas.
You also might enjoy the video below. Tom Steyer (net worth: $1.6 Billion) is a rich investor. And in this video he tells you straight up, in language anyone can understand, why tax cuts for guys like him (the rich) are a stupid idea.