There are several damaging and grotesquely false myths about across the board tax cuts often advocated by supply-siders. This post will debunk two of possibly the most notorious and harmful of these myths. The first of these myths is the fallacy that across the board tax cuts are what opponents call "tax cuts for the rich". This is extremely poor logic, considering that the "rich" pay by far the most taxes, therefore they would benefit the most from tax cuts, even though all people benefit. Viewers of this post will see that the wealthy actually paid more in taxes and a larger share of overall taxes after these tax cuts were passed. The second myth is that tax cuts do not benefit economic growth. However, the years following the tax cuts proposed by Reagan and Kennedy consisted of relatively high economic growth. It is also noteworthy that since supply-side policies began dominating American fiscal policy in 1981, the United States has experienced only three recessions.
Sources used: CBO, The Economist, National Review, Manhattan Institute, Office of Management and Budget, Tax Foundation, Foundation for Economic Education, IRS, St. Louis Federal Reserve, and the Balance.
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