Debt and budget question

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The tax cuts will not spur growth. The "trickle down" myth has been pushed by the Republicans since at least the 80's as a justification for minimal taxes for the rich and big corporations.

IF you were in an actual high tax situation, like maybe 60% or 80% of income and profits, then cutting taxes could spur investment and growth. But with taxes as low as they are now, particularly on excessive amounts of earnings, cutting taxes just helps the wealthy amass more wealth. A billionaire can only manage so many productive investments at once.

It is close to 60% for rich people in some places, like New York City and California.

In theory or in practice?

On all income or marginal?

Obviously, it’s marginal, that how tax rates are discussed.

But, think of the incentive to work and invest if you have to give more than 1 out of every 2 marginal dollars to some taxing authority? Maybe, just don’t do the extra work.