Keeping tax low for rich does not boost economy:
From the Department of the Blinding Obvious, which has been consistently challenged by the Department of Vested Interests, comes a new paper demonstrating that Trickle-Down Economics… wait for it… doesn’t work!
Major reforms reducing taxes on the rich lead to higher income inequality but do not have any significant effect on economic growth or unemployment, according to new research by LSE and King’s College London. Researchers say governments seeking to restore public finances following the COVID-19 crisis should therefore not be concerned about the economic consequences of higher taxes on the rich.
The foundation of an effective and fair progressive tax system is one upon which successful nation’s can build. Trickle-down economics can be expressed another way as ‘hollow-out economics’.
Via: Kottke.org: 50 Years of Trickle-Down Economics Didn’t Work