Jacobin »

A 2020 paper published by researchers at the London School of Economics entitled “The Economic Consequences of Major Tax Cuts for the Rich” looked at UK and US data from the 1980s and found that tax cuts for the rich had no statistical effect on economic growth. Another report, from the IMF of all places, found that “a rising income share of the top 20 percent results in lower growth,” and that a more effective strategy was to increase the income share of the bottom 20 percent (a “trickle-up” approach). The impact of tax cuts for the rich is clear.