Just like Ronnie’s, that quadrupled the national debt and still required massive tax increases when “trickle down” was just more locker room toilet talk.
Cute. The Pinocchio tie-in is clever and funny but seriously folks! It never works! It has never worked at the federal level. It has just failed spectacularly in Kansas. How much more evidence do you need?
They don’t call it “trickle down” because they know it doesn’t work. The repubs twisted around by claiming it will be a pay raise for the middle class.
If the minimum wage trend/growth from the 1960s to the present is calculated, minimum wage right now should be $29/hr! Not realistic, but sure shows the lack of decades of reinvestment in the working class.
Economist agree that a tax cut will have long term negative effects …
" … The New Palgrave Dictionary of Economics reports that a comparison of academic studies yields a range of revenue maximizing rates that centers around 70%. In the early 1980s, Edgar L. Feige and Robert T. McGee developed a macroeconomic model from which they derived a Laffer Curve. According to the model, the shape and position of the Laffer Curve depend upon the strength of supply side effects, the progressivity of the tax system and the size of the unobserved economy. Economist Paul Pecorino presented a model in 1995 that predicted the peak of the Laffer curve occurred at tax rates around 65%. A draft paper by Y. Hsing looking at the United States economy between 1959 and 1991 placed the revenue-maximizing average federal tax rate between 32.67% and 35.21%. A 1981 article published in the Journal of Political Economy presented a model integrating empirical data that indicated that the point of maximum tax revenue in Sweden in the 1970s would have been 70%. A 2011 paper by Trabandt and Uhlig published in the Journal of Monetary Economics presented a model that predicted that the US and most European economies were on the left of the Laffer curve (in other words, that raising taxes would raise further revenue)
In 2005, the United States Congressional Budget Office (CBO) released a paper called "Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates’
…
The paper points out that these projected shortfalls in revenue would have to be made up by federal borrowing: the paper estimates that the federal government would pay an extra US$200 billion in interest over the decade covered by the paper’s analysis.
For my money, Paul Ryan is potentially the most dangerous ideologue in Washington. I think he actually believes the whole supply-side fairly tail. Many people say they claim to believe it because they simply want the tax cut for their corporate masters (Mitch). Ryan actually believes this disproven nonsense.
Four decades ago, while working for Rep. Jack Kemp (R-N.Y.), I had a hand in creating the Republican tax myth.
Of course, it didn’t seem like a myth at that time — taxes were rising rapidly because of inflation and bracket creep, the top tax rate was 70 percent and the economy seemed trapped in stagflation with no way out.
Tax cuts, at that time, were an appropriate remedy for the economy’s ills. By the time Ronald Reagan was president, Republican tax gospel went something like this:
The tax system has an enormously powerful effect on economic growth and employment.
High taxes and tax rates were largely responsible for stagflation in the 1970s.
Reagan’s 1981 tax cut, which was based a bill, co-sponsored by Kemp and Sen. William Roth (R-Del.), that I helped design, unleashed the American economy and led to an abundance of growth.
Based on this logic, tax cuts became the GOP’s go-to solution for nearly every economic problem. Extravagant claims are made for any proposed tax cut.
Wednesday, President Trump argued that “our country and our economy cannot take off” without the kind of tax reform he proposes.
Last week, Republican economist Arthur Laffer said, “If you cut that [corporate] tax rate to 15 percent, it will pay for itself many times over. … This will bring in probably $1.5 trillion net by itself.”
That’s wishful thinking. So is most Republican rhetoric around tax cutting. In reality, there’s no evidence that a tax cut now would spur growth.
The failure Trump and fellow Republicans are attempting to pull the same trick out of their playbook: “massive” tax cuts, mainly helping the rich. Is it really fair that millions of working parents, single and otherwise, should see their taxes increase to help finance a massive tax cut for hundreds of multimillionaire morons?
That one or 2% of the rich and Famous should do a little history research. What happened in history when the luxurious Elite became too greedy can happen here. Why not? When people get tired of paying for someone else to live in the city in the sky. Yes it can happen here. The question becomes when? When will it happen? When will people get smart enough to say we’ve had enough? Capitalism is supposed to mean all people have a chance for a good life with the good things in life if they work for them. Oligarchies are for the very few to have the good things in life that someone else works to provide for them. History will repeat itself.
Dtroutma over 6 years ago
Just like Ronnie’s, that quadrupled the national debt and still required massive tax increases when “trickle down” was just more locker room toilet talk.
Masterskrain Premium Member over 6 years ago
And it just gets longer, and longer, and the goobers continue to believe it.
Liverlips McCracken Premium Member over 6 years ago
Cute. The Pinocchio tie-in is clever and funny but seriously folks! It never works! It has never worked at the federal level. It has just failed spectacularly in Kansas. How much more evidence do you need?
Say What Now‽ Premium Member over 6 years ago
They don’t call it “trickle down” because they know it doesn’t work. The repubs twisted around by claiming it will be a pay raise for the middle class.
Old_Curmudgeon over 6 years ago
SAME OLD SONG – {limerick}
He repeats so much stuff which is wrong
that his nose has grown ever so long.
The same old verses
he forever rehearses.
Umpteen repeats of same song.
========
Radish the wordsmith over 6 years ago
The rich get richer and the poor get poorer, thanks Republicons!
avalon1 over 6 years ago
If the minimum wage trend/growth from the 1960s to the present is calculated, minimum wage right now should be $29/hr! Not realistic, but sure shows the lack of decades of reinvestment in the working class.
superposition over 6 years ago
Economist agree that a tax cut will have long term negative effects …
" … The New Palgrave Dictionary of Economics reports that a comparison of academic studies yields a range of revenue maximizing rates that centers around 70%. In the early 1980s, Edgar L. Feige and Robert T. McGee developed a macroeconomic model from which they derived a Laffer Curve. According to the model, the shape and position of the Laffer Curve depend upon the strength of supply side effects, the progressivity of the tax system and the size of the unobserved economy. Economist Paul Pecorino presented a model in 1995 that predicted the peak of the Laffer curve occurred at tax rates around 65%. A draft paper by Y. Hsing looking at the United States economy between 1959 and 1991 placed the revenue-maximizing average federal tax rate between 32.67% and 35.21%. A 1981 article published in the Journal of Political Economy presented a model integrating empirical data that indicated that the point of maximum tax revenue in Sweden in the 1970s would have been 70%. A 2011 paper by Trabandt and Uhlig published in the Journal of Monetary Economics presented a model that predicted that the US and most European economies were on the left of the Laffer curve (in other words, that raising taxes would raise further revenue)
In 2005, the United States Congressional Budget Office (CBO) released a paper called "Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates’
…
The paper points out that these projected shortfalls in revenue would have to be made up by federal borrowing: the paper estimates that the federal government would pay an extra US$200 billion in interest over the decade covered by the paper’s analysis.
…”
https://en.wikipedia.org/wiki/Laffer_curve
Striped Cat over 6 years ago
For my money, Paul Ryan is potentially the most dangerous ideologue in Washington. I think he actually believes the whole supply-side fairly tail. Many people say they claim to believe it because they simply want the tax cut for their corporate masters (Mitch). Ryan actually believes this disproven nonsense.
Silly Season over 6 years ago
https://www.washingtonpost.com/news/posteverything/wp/2017/09/28/i-helped-create-the-gop-tax-myth-trump-is-wrong-tax-cuts-dont-equal-growth/
Four decades ago, while working for Rep. Jack Kemp (R-N.Y.), I had a hand in creating the Republican tax myth.
Of course, it didn’t seem like a myth at that time — taxes were rising rapidly because of inflation and bracket creep, the top tax rate was 70 percent and the economy seemed trapped in stagflation with no way out.
Tax cuts, at that time, were an appropriate remedy for the economy’s ills. By the time Ronald Reagan was president, Republican tax gospel went something like this:
The tax system has an enormously powerful effect on economic growth and employment.
High taxes and tax rates were largely responsible for stagflation in the 1970s.
Reagan’s 1981 tax cut, which was based a bill, co-sponsored by Kemp and Sen. William Roth (R-Del.), that I helped design, unleashed the American economy and led to an abundance of growth.
Based on this logic, tax cuts became the GOP’s go-to solution for nearly every economic problem. Extravagant claims are made for any proposed tax cut.
Wednesday, President Trump argued that “our country and our economy cannot take off” without the kind of tax reform he proposes.
Last week, Republican economist Arthur Laffer said, “If you cut that [corporate] tax rate to 15 percent, it will pay for itself many times over. … This will bring in probably $1.5 trillion net by itself.”
That’s wishful thinking. So is most Republican rhetoric around tax cutting. In reality, there’s no evidence that a tax cut now would spur growth.
Charlie Tuba over 6 years ago
I thought that he went to the banks of the great grey-green, greasy Limpopo River where he asked the crocodile what he has for dinner.
danketaz Premium Member over 6 years ago
Must be the version where Pinocchio smushes the cricket.
Daeder over 6 years ago
It seems like things pay for themselves when you make poor people pay for everything for you.
Mr. Blawt over 6 years ago
The failure Trump and fellow Republicans are attempting to pull the same trick out of their playbook: “massive” tax cuts, mainly helping the rich. Is it really fair that millions of working parents, single and otherwise, should see their taxes increase to help finance a massive tax cut for hundreds of multimillionaire morons?
Frankfreak over 6 years ago
Tax cuts for the rich have created some minimum wage jobs. No need to pay more than absolutely necessary.
Sadandconfused9 over 6 years ago
That one or 2% of the rich and Famous should do a little history research. What happened in history when the luxurious Elite became too greedy can happen here. Why not? When people get tired of paying for someone else to live in the city in the sky. Yes it can happen here. The question becomes when? When will it happen? When will people get smart enough to say we’ve had enough? Capitalism is supposed to mean all people have a chance for a good life with the good things in life if they work for them. Oligarchies are for the very few to have the good things in life that someone else works to provide for them. History will repeat itself.