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

[zqwerty]

As you have said Lilith7:

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

[Lilith7]

As you have said Lilith7:

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

That's not even slightly surprising - & surely politicians can't fail to be well aware of it. So either they very,very ignorant & genuinely don't know - or they know very well & just do not care, as long as its not them struggling.
Miserable bastards.

I've heard 'trickle down' described as the rich pissing on the poor, which makes more sense than the pretence of 'trickle down'...



"Per capita gross domestic product and unemployment rates were nearly identical after five years in countries that slashed taxes on the rich and in those that didn't, the study found. 
But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.

"Based on our research, we would argue that the economic rationale for keeping taxes on the rich low is weak," Julian Limberg, a co-author of the study and a lecturer in public policy at King's College London, said in an email to CBS MoneyWatch. "In fact, if we look back into history, the period with the highest taxes on the rich — the postwar period — was also a period with high economic growth and low unemployment."

[Praktica]

Guess what? the rich control the system that sets taxes, and the media which might spread information about it. We'll see the fruits of that here at budget time.

[Oh_hunnihunni]

There is only one thing that trickles down. It's yellow and stinky.

[Lilith7]

A few years ago I read Harry's last stand, written by a UK bloke who at the time was I think about 90. He's since died but his book is full of his memories of those earlier hard times prior to WW2, & how the Labour govt after the war brought about changes, which continued until the advent of Neo Liberalism.


Harry’s last stand; how the world my generation built is falling down & what we can do to save it, Harry Leslie Smith

"The govt wants the public to believe that the cause of our recession was not the gluttony of the financial sector or corporations refusing to pay their fair share of tax, but the fault of the lowly benefit seeker. This is why the govt has made it harder for the newly unemployed to collect welfare, Now they’ll have to wait 7 days before they can sign up to their job-seeker benefits.
It is a punitive measure that is intended to humble the unemployed.

For the unemployed thee are dark, grim days, especially in the economically ravaged north. The cause is not, as some politicians have reported, that the British born job seekers are too demanding when it comes to employment. It has nothing to do with lack of initiative or sloth; it is that the job market has become so competitive that employers are not compelled to offer living wages with decent benefits.

Foodbanks, loan sharke
When I hear of payday loan sharks, of food banks, of housing shortages, of medicine as something you pay for or go without & of a decent education as something only for a certain sort, it is not shock I feel but a sense of recognition.
Nothing ever changes.

unemployment

It was crass, inhumane & malicious of this govt to show no mercy to the unemployed, the disabled, & the disadvantaged during the financial crisis. That it continues to behave like a bully to those down on their luck makes me think the govt’s cruelty is deliberate. They want to change society to reflect only the interest of our corporations & the 10 percent of the population .

The current financial tempest has not been caused by a natural recalibrations, but by a deliberate attempt to readdress the rights earned by workers & the middle classes since 1945. The chains of ignorance & the fetters of poverty that my ancestors & my generation wore are being refitted to modern citizens. Why is this so?

In my opinion it is because the common people’s right to a dignified life is no longer protected by law or custom. This country once had a vision & a road map to lead each of us to future prosperity. That map has been replaced with a kind of neo liberalism that is frog marching us back to a time that was best left to history.

This emergency is as dire as the economic crisis of 1933 or the threat we faced in 2939. Our survival as a people & nation is at risk, & unless we combat the forces that have monetized our social services & weakened our democratic institutions we will each suffer in our own separate ways. Many of us are suffering already.
It has to stop, & a strong anti-lobbyist bill has to be introduced. We have to have a law that bars former politicians, their spouses & their children from working as lobbyists for ten years after they have left Whitehall."