We are told by the Republicans that high taxation rates destroy growth, the taxation rates on the top one percent in 1945 was 92 percent, it never fell below 70 percent until Ronald Reagan brought it down to 30 percent in the early 1980s. Between 1945 and Ronald Reagan-era the average annual growth rate was four to five percent.
Particularly in the period before the economic downturn of the mid 1970s, this was one of the most successful boom periods in U.S. history.
And yet you still have Trump out their telling people that tax cuts will create growth?
This idea that tax cuts create growth is a complete ruse to make you believe something other then the facts prove.
Every economist knows that the evidence over the last 65 years proves otherwise. Tax cuts do not create growth in the real economy. It does, however, give people who benefit the most more money to invest in the stock markets and make money from money, something the large majority of us cannot do.
So, next time you hear some politician telling you that, know that the evidence says otherwise.
Ritchard York
Colrain