Tax cuts for wealthy raise debt, worsen trickle down economics issues
- Created Dec 05, 2010
Before the Regan Administration invented trickle-down economics, tax rates for America's wealthiest people was 70%, and the phrase ‘budget deficit' was inconsequential. Statistics show that the less wealthy Americans pay in taxes, the worse nearly every other aspect of the economy and quality of life gets.
According to the Economic Policy Institute, family income among the top 1% grew a whopping 73.9% from 1980 to 1990, while the lowest earners saw a negative 4.4% drop in their income.
Nothing trickled down under the Regan Administration, and nothing trickled down under the Bush tax cuts. In fact, since the United States began giving larger and larger breaks to millionaires and billionaires, the deficit has gotten worse and worse.
A UPI report said, "...There is no evidence in our data that those (trickle-down economics) benefits have trickled down to lower-income Americans."