How many times do we have to try trickle down economics before Republicans admit it doesn't work?
For years, Republicans have argued that tax cuts for wealthy individuals and corporations will pay for themselves by stimulating economic growth, creating more jobs, raising wages for low-income workers, and ultimately reducing inequality. And that's what they're saying now ("Trump takes tax victory lap," Dec. 21).
It has never happened. To the contrary, according to the Congressional Research Service, a respected legislative agency that provides policy analysis to members of Congress regardless of party affiliation, tax cuts for the rich have caused greater inequality rather than economic growth.
In a carefully-worded 2012 report analyzing the effects of tax cuts over the past 50 years, the agency stated that "the reduction in the top tax rates have had little association with saving, investment or productivity. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution." In other words, with increasing inequality.
There is nothing to indicate that this latest version of Republican tax-cut economics will lead to a different outcome than its previous incarnations, which makes it as insane today as it was yesterday.
That two-thirds of the American people are skeptical of the plan shows that they understand. Hopefully, they will make their understanding known at the polls next November.