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CBS - "Congressional Research Service: Tax Cuts For Wealthy Doesn’t Boost Economy"
This nonpartisan study has been somewhat ignored, but it is worth bringing up in light Romney-Ryan's insistance that tax cuts to the rich are the key to spurring the economy.
http://miami.cbslocal.com/2012/09/17/congressional-research-service-tax-cuts-for-wealthy-doesnt-boost-economy/
WASHINGTON (CBSMiami) – Congress’ nonpartisan policy analyst may have just shot a huge hole in the battle over taxes between President Barack Obama and his Republican challenger Mitt Romney.
President Obama and Romney have been fighting over taxes as part of the central economic focus of their campaign. Obama wants to raise taxes on those making more than $200,000 to help bring down the deficit, while Romney wants more tax cuts for everyone, including large tax cuts for the top tax bracket.
The Congressional Research Service weighed in with a new report analyzing tax rates since the end of World War II. The report couldn’t be any worse for Romney and Republicans’ argument for more tax cuts for the top tax brackets.
“There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth,” the CRS reported. “Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth.”
President Obama and Romney have been fighting over taxes as part of the central economic focus of their campaign. Obama wants to raise taxes on those making more than $200,000 to help bring down the deficit, while Romney wants more tax cuts for everyone, including large tax cuts for the top tax bracket.
The Congressional Research Service weighed in with a new report analyzing tax rates since the end of World War II. The report couldn’t be any worse for Romney and Republicans’ argument for more tax cuts for the top tax brackets.
“There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth,” the CRS reported. “Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth.”
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