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Is Trump’s Tax Reform Bill Good For All Taxpayers?
in Politics
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Of course you can be a liberal and lie about it. After all liberals lie - that's what they do.
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Scientific method: noun; a method of procedure that has characterized natural science since the 17th century, consisting in systematic observation, measurement, and experiment, and the formulation, testing, and modification of hypotheses.
The highest form of ignorance is when you reject something you don't know anything about.
Wayne Dyer
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2) Economic growth was the best during periods of high taxation on the rich. The years when we tried trickle down economics are the years we had the lowest economic growth[4].
3) The Trump tax cuts only benefit the rich. 70% of the cuts are given to the richest 1%. Only 5% of the cuts go to people who are not rich[5].
4) These cuts for the rich would increase inequality and all the literature on the topic, including the stuff form the conservative IMF conclude that inequality hurts economic growth[6]. A 10% decrease in inequality resulted in the next economic recovery growth spell being 50% larger[7].
5) Trump and Republicans are liars. Americas corporate tax rate is half that of other advanced nations[8]. This means there isn't even a theoretically benefit of cutting corporate taxes. Also historically corporate tax cuts result in less investment[9].
[1]http://econbrowser.com/archives/2016/06/kansas-and-her-neighbors-gdp-edition
[2]http://econbrowser.com/archives/2015/07/discussing-walkers-record-on-the-wisconsin-economy
[3]http://econbrowser.com/archives/2016/06/kansas-in-technical-recession
[4]https://www.americanprogress.org/issues/economy/news/2015/06/29/116130/new-data-illustrate-the-failure-of-the-trickle-down-experiment/
[5]https://www.vox.com/policy-and-politics/2017/5/16/15642558/trump-tax-plan-rich
[6]https://blogs.imf.org/2017/05/11/a-new-twist-in-the-link-between-inequality-and-economic-development/
[7]http://motherjones.com/mojo/2011/10/study-income-inequality-kills-economic-growth
[8]http://voices.washingtonpost.com/ezra-klein/2010/09/our_dumb_corporate_tax_system.html\
[9]http://www.angrybearblog.com/2011/09/corporate-taxes-and-investment.html
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