Taxation & Estate Planning

Not T&E, but, SHOCKING: Cutting Taxes = Less Money To Government

By Michael D. Bonasera, Esq.

Forgive my sarcasm but I can’t abide our government’s woeful ignorance of history, especially economic history:

From Paul L Caron of the TaxProf Blog comes a report by the Center on Budget & Policy Priorities on their finding that That Tax Cuts Lose Revenue:

The claim that tax cuts ?pay for themselves? ? i.e., cause so much economic growth that revenues rise faster than they would have without the tax cut ? has been made repeatedly in recent years and is one of the many tax policy issues that is likely to receive renewed attention in light of the upcoming election. This claim is false. The evidence shows clearly that tax cuts lose revenue.

Didn’t we try this in the 80’s?  “Trickle-down-something”?  “Voo-Doo-something-else”?  I know I was pretty young, but I seem to remember something about that.  Anybody else?

Full post as published by The Ohio Trust & Estate Blog on July 19, 2008 (boomark / email).