Sowell states that "no such theory has been found in even the most voluminous and learned histories of economic theories." That's from a scholar who has published extensively in the history of economic thought. Several years ago, Sowell, in his syndicated column, challenged anyone to name an economist from any economic school of...
You have to bear in mind that back when there were 70% & higher top brackets, there were also copious exemptions & deductions such that relatively little hi income actually got taxed. "Reforms" such as that of 1986 blew away many deductions just as the middle class found out about them & started using them, while lowering rates. Between actual subsequent rate hikes, & bracket creep, the effective tax rates eventually start rising again on various pretexts. Notice that tax hikes undertaken ostensibly for "deficit reduction" are invariably followed by $pending hikes. The only way to reduce deficits is to not $pend! By the way, does anyone know who 1st used that term "trickle down" economics?
Dr. Thomas Sowell's "'Trickle Down Theory' and 'Tax Cuts for the Rich'" has just been published by the Hoover Institution. Having read this short paper, the conclusion you must reach is that the term "trickle down theory" is simply a tool of charlatans and political hustlers.
- Quotes of the day Allahpundit 10 hours ago
- Video: How does the president’s tone help solve the problem? Mary Katharine Ham 10 hours ago
- Obama’s law professor: There’s a “very high risk” that a federal court is going to gut ObamaCare Allahpundit 11 hours ago
- This is CNN: White gay man and black woman argue over who is ‘stealing’ the other’s culture Noah Rothman 12 hours ago
- Palin makes the case for impeaching Obama Allahpundit 12 hours ago
- Video: Megyn Kelly vs. Nancy Pelosi on the Hobby Lobby ruling Allahpundit 13 hours ago