"Trickle Down Theory" and "Tax Cuts for the Rich"
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Thomas Sowell
Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. He has been a professor of economics at leading American colleges and universities and has lectured in Singapore, Israel, Switzerland, and Germany, as well as across the United States.
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Reviews for "Trickle Down Theory" and "Tax Cuts for the Rich"
31 ratings6 reviews
- Rating: 5 out of 5 stars5/5A quick overview of the real life affect of tax cuts on tax revenue and the chief causes behind revenue increase: if the rich don't have to shelter their money from the tax man, they use it to generate more revenue. Tax shelters encourage saving rather than investment to create wealth, which is completely different to the distribution of wealth
- Rating: 5 out of 5 stars5/5A fascinating, insightful essay that will educate you on tax rates.
- Rating: 5 out of 5 stars5/5Anything by Thomas Sowell is worth reading or listening to (on Youtube). He he takes a couple of common tropes and completely demolishes them. I was aware of the 'trickle down theory' argument against Reagan in the '80s, but I know learn first that this made-up argument goes back much further, to FDR's time, and second (and most important) what actually happened when high tax rates were reduced - and the same thing happened all four times it was done in the last century in America, by Coolidge, JFK, Reagan, and GWB.
1 person found this helpful
- Rating: 5 out of 5 stars5/5Something that everybody should take 30 minutes to read. Examines the intents and outcomes of “tax cuts for the rich” while uncovering some false assumptions about them.
1 person found this helpful
- Rating: 5 out of 5 stars5/5Very concise and straight to the point. Quick and enlightening read.
1 person found this helpful
- Rating: 1 out of 5 stars1/5I didn't quite finish reading it but it seems pretty one sided. It's not just the trickle down money the rich will spend, hoping the working and the poor will get a fraction of the benefits. Other arguments for cutting the taxes are
a) the government isn't the best steward of your money
b) you want incentives for entrepreneurs to start businesses
c) most people will move to jurisdictions where taxes are lower, entrepreneurs included
If you want communism, look how well it worked out in Eastern Europe and other places.1 person found this helpful
Book preview
"Trickle Down Theory" and "Tax Cuts for the Rich" - Thomas Sowell
Trickle Down
Theory
and
"Tax Cuts for
the Rich"
Thomas Sowell
H O O V E R I N S T I T U T I O N P R E S S
STANFORD UNIVERSITY STANFORD, CALIFORNIA
The Hoover Institution on War, Revolution and Peace, founded at Stanford University in 1919 by Herbert Hoover, who went on to become the thirty-first president of the United States, is an interdisciplinary research center for advanced study on domestic and international affairs. The views expressed in its publications are entirely those of the authors and do not necessarily reflect the views of the staff, officers, or Board of Overseers of the Hoover Institution.
www.hoover.org
Hoover Institution Press Publication No. 635
Hoover Institution at Leland Stanford Junior University,
Stanford, California 94305-6010
Copyright © 2012 by Thomas Sowell
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission of the publisher and copyright holders.
First printing 2012
Manufactured in the United States of America
Cataloging-in-Publication Data is available from the Library of Congress.
ISBN: 978-0-8179-1615-2 (pbk. : alk. paper)
ISBN: 978-0-8179-1616-9 (e-book)
We fight for and against not men and things as they are, but for and against the caricatures we make of them.
J.A. Schumpeter[1]
At various times and places, particular individuals have argued that existing tax rates are so high that the government could collect more tax revenues if it lowered those tax rates, because the changed incentives would lead to more economic activity, resulting in more tax revenues out of rising incomes, even though the tax rate was lowered. This is clearly a testable hypothesis that people might argue for or