Myth: Nearly a third of Americans still believe the discredited “trickle-down” theory that tax cuts for the wealthy results in greater wealth for everyone.
Fact: Even David Stockman, the chief architect of trickle-down and supply-side economics admits it didn’t work.
We can all agree that that no one really likes taxes—especially tax increases—and of course everyone loves a tax cut. Somehow, though, many have come to believe that taxes are higher than ever, even though they’re not. Most puzzling of all, many Americans believe that tax cuts for the wealthy spur both job creation and increased tax revenues through trickle-down and supply-side economics. Recent experiences in Iowa, Louisiana, Kansas, Wisconsin and Oklahoma have all shown the failure of supply-side and “trickle-down” theory.
At Civics Nation, we believe in a progressive marginal tax rate. “Soaking the rich” is counterproductive, but giving more tax breaks to those who don’t need them is too.
