GOP Big Lie: Deficit Reduction

Delusional????

Republicans have persisted in their 30-year delusion that tax cuts for the rich stimulate the economy and the job market. It is simply not true. Research by Piketty and Saez and Stantcheva confirms that there is a direct relationship between reduced tax rates and higher incomes, and that there is no relationship between tax cuts and GDP growth. As for the claim by Orrin Hatch that a tax increase on top earners would hurt small business, a recent Treasury analysis found that only 2.5% of small businesses would face higher taxes from the expiration of the Bush tax cuts.

The image of wealthy job creators is also an illusion. Over 90% of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), the stock market, real estate, and personal business accounts. The Wall Street Journal admitted that the extra wealth created by the Bush tax cuts led to the “worst track record for jobs in recorded history.”

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