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Originally Posted by The Demon
I'm glad you brought proof that this has been proven. Oh wait... How predictable.
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http://www.bloomberg.com/news/2010-0...dy-s-says.html
"Tax cuts in 2001 and 2003 under President George W. Bush were followed by increases in the saving rate among the rich, according to data from Moody’s Analytics Inc. When taxes were raised under Bill Clinton, the saving rate fell."
"When the first Bush tax cuts were signed into law in June 2001, pushing the top rate down to 35 percent, the wealthy boosted savings. The saving rate climbed to 2.8 percent in the first quarter of 2002 from minus 2 percent in the second quarter of 2001. The increased savings coincided with a 1.1 percent decline in the S&P 500 index."
This isn't the first study, test, history to prove that taxing the rich does not create more investments or grow the eco, at all. That isn't to say it doesn't have positives in some areas, but investments, job creation, etc is not one of them. Those take a different type incentive, ones that don't benefit the person but the corporation.