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Study of 50 Years of Tax Cuts For Rich Confirms 'Trickle Down' Theory Is an Absolute Sham

Originally published at http://www.commondreams.org/news/2020/12/16/study-50-years-tax-cuts-rich-confirms-trickle-down-theory-absolute-sham

Tax the billionaires! Let’s call it trickle up economics.

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This was common sense long before any studies were commissioned.

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Hard to think there are those who yet believe in this Reagan nonsense of “trickle down”.

Government largess to corporations , whether in the form of bailouts, tax breaks or outright gifts always show the same result, stock buybacks, large bonuses to executives and little else.

It is long past time for corporations to pay their fair share. They use our roads, airports and ports, they use our educated work force, they profit from our consumerism and so many companies, earning billions inprofit pay NO TAXES at all.

Those companies who ,increasingly “move” their corporate headquarters to the Cayman’s or Ireland, or elsewhere must be penalized for doing so. No eligibility for government contracts, tariffs on their products, increased taxes on their bloated executive salaries and bonuses.

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Trickle up economic policy has long been the norm.

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Kind of like many of my relatives who believe Trump won the election! Like I have posted before, my deceased Uncle knew Reagan personally and he told me: " REAGAN WAS ONE OF THE MOST CORRUPT PEOPLE HE HAD EVER MEANT".

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Though, by the time it reaches the top it is a wide open fire hose at full pressure.

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That’s why the studies were “necessary” - to buy the charlatans time to sell their fraud.
“Mission Accomplished”

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Trickle Down is rather like Single Payer Healthcare. They keep doing study after study after study. All of them come to the same conclusion. Then nothing is done about it because we need to study the situation more.

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True, if we could tax the billionaires and get them to pay their fare share of taxes, then it could trueley be called, trickle down economics.

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Here is a downright fascinating article about Tunisia and the Arab Spring and the reaction (varied) of Tunisians to the democracy (like ours - unequal) ushered in by the 26 year old Mohamed Bouazizi’s self-immolation so many years ago.

It really is mostly about fairness - or - to be more exact - the lack of fairness in modern deregulated capitalism.

"Thanks in part to Mohamed Bouazizi’s self-immolation, Tunisians are freer than before, but many are miserable and disillusioned"

~https://www.theguardian.com/global-development/2020/dec/16/he-ruined-us-10-years-on-tunisians-curse-man-who-sparked-arab-spring

Uncle Sam’s the Sham for the Pharaoahs.

And the Pharaoahs give us peanuts and we still support his two puppets mindlessly.

How much longer will we let them pull the “Wooly Bully” over our eyes?

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Duh! I could’ve told them that 15 years ago!

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Krugman ran this down yesterday

~https://www.nytimes.com/2020/12/14/opinion/republicans-reagan-disinformation.html

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Many credit Raygun for introducing “trickle down economics”, he wasn’t the first, that was Herbert Hoover. Hoover believed in laissez-fair economics, that capitalism would self correct, and economic assistance would make people stop working (sound familiar?), and that business prosperity would “trickle down” to the average person. We know how those policies turned out, the worst economic times in our countries history. With these same policies today, we are headed to 1930’s again, don’t think for a minute our leaders don’t know this.

~https://wwwthebalence.com/president-hoovers-economic-policies-4583019
“President Herbert Hoovers economic policies”

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Very interesting. Thanks for linking. The IMF and EU immediately moved in after 2011 and made the economy scream, and demanded the labor movement choose between their jobs in the state and the masses in the streets. They chose the former. Ennahda couldn’t organize a beer party in a brewery. It was a shambles. Thus the nostalgia. But don’t worry, the Tunisian millionaires and friends of Ben Ali have safely stashed their loot in France and Switzerland.

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Trickle down or Supply Side was called something like Horse in Oats back in the 20’s. The Greedy rich see it as a nice justification for their greed and called by fake names like Free Market economics or whatever M. Friedman and the Chicago school are up to now. It never worked. FDR created the middle class in a few short years. That is the model. Why search for another one? Because his model involved a 91% max tax on income and the corps actually paid taxes. Now we need to go back. One charge is to tax the corps on their gross not net income. Net income is a fiction scribed by lobbyists and Congress.

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The right owns the language associated with tax reduction: tax breaks, tax cuts, tax relief, getting rid of the death tax. The headline of the article only underscores that fact.

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Thing is, the data doesn’t matter. The IMF staff does research on austerity. The IMF’s own staff has demonstrated the horrific costs of austerity. The IMF still commits itself to austerity none the less. Why? Because this is class war and it isn’t about what is good for anyone but capital. All the data in the world demonstrates this, it doesn’t matter. The left better get serious about challenging the leaders in both parties and better get serious about taking power and implementing its program, very soon. We are 1990’s Yugoslavia and those in power are actively making things worse.

By the way, the Democrats just had a primary for president. They nominated a right wing, corrupt zombie in Biden. Most of those on the stage towards the end were fully committed to this worldview. Worthless Pete, worthless Amy, worthless Joe, etc. Most of those that ran support this worldview. The dinosaurs running the Democratic Party support this worldview. And because of that, anything too far to the left of this failed philosophy is off the table and not worthy of their consideration.

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Oh, you nailed it! Good one, Joan!

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