As a reminder Voodoo Conservative economics don't work. Never have and never will.
As a reminder Voodoo Conservative economics don't work. Never have and never will.
Originally shared by Sarah Rios
All the way back from 2012, discovered in a Twitter comment:
Non-Partisan Congressional Tax Report Debunks Core Conservative Economic Theory-GOP Suppresses Study
Initially released on September 14, 2012, the study—authored by Thomas Hungerford who is a specialist in public finance at the C.R.S.—correlated the historical fluctuations of the highest income tax rates and tax rates on capital gains dating back to World War II with the economic growth (or lack of the same) that followed.
The conclusion?
Lowering the tax rates on the wealthy and top earners in America do not appear to have any impact on the nation’s economic growth.
...
Not surprisingly, the results of the study caught the attention of a great many conservatives—so much so that, according to a New York Times piece, Republican’s in the United States Senate successfully pressured the Congressional Research Service to withdraw the report shortly after it was released. The withdrawal came over the objection of the CRS economic team and the author of the study.
The Times further reports that, according to Senate Minority Leader Mitch McConnell’s spokesperson, Senator McConnell—along with additional GOP senators— “raised concerns about the methodology and other flaws,” adding that additional people outside of Congress were also criticizing the study.
The nature of these alleged flaws?
That the report included terms such as “the Bush tax cuts” and references to “tax cuts for the rich.”
The actual document can be read here: www.dpcc.senate.gov/files/documents/CRSTaxesandtheEconomy%20Top%20Rates.pdf
https://www.forbes.com/sites/rickungar/2012/11/02/non-partisan-congressional-tax-report-debunks-core-conservative-economic-theory-gop-suppresses-study/#6f94ebf322e6
Originally shared by Sarah Rios
All the way back from 2012, discovered in a Twitter comment:
Non-Partisan Congressional Tax Report Debunks Core Conservative Economic Theory-GOP Suppresses Study
Initially released on September 14, 2012, the study—authored by Thomas Hungerford who is a specialist in public finance at the C.R.S.—correlated the historical fluctuations of the highest income tax rates and tax rates on capital gains dating back to World War II with the economic growth (or lack of the same) that followed.
The conclusion?
Lowering the tax rates on the wealthy and top earners in America do not appear to have any impact on the nation’s economic growth.
...
Not surprisingly, the results of the study caught the attention of a great many conservatives—so much so that, according to a New York Times piece, Republican’s in the United States Senate successfully pressured the Congressional Research Service to withdraw the report shortly after it was released. The withdrawal came over the objection of the CRS economic team and the author of the study.
The Times further reports that, according to Senate Minority Leader Mitch McConnell’s spokesperson, Senator McConnell—along with additional GOP senators— “raised concerns about the methodology and other flaws,” adding that additional people outside of Congress were also criticizing the study.
The nature of these alleged flaws?
That the report included terms such as “the Bush tax cuts” and references to “tax cuts for the rich.”
The actual document can be read here: www.dpcc.senate.gov/files/documents/CRSTaxesandtheEconomy%20Top%20Rates.pdf
https://www.forbes.com/sites/rickungar/2012/11/02/non-partisan-congressional-tax-report-debunks-core-conservative-economic-theory-gop-suppresses-study/#6f94ebf322e6
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