<They didn't trickle down. The rich got richer and the poor treaded water.
Between 1980 and 1990, government revenues went from $591 billion to $1.25 trillion. In constant 1996 dollars, from $956 million to $1.22 trillion. While this is not solely due to income tax cuts, it is still difficult to make the case that tax cuts reduce overall revenues.
As for the poor:
As I recall, unemployment fell from a high of about 10 percent to about 5 percent during the 1980s.
Or maybe we're talking about average family income (in constant dollars):
"Treading water" looks pretty good from that angle too. I'm probably missing an important indicator of some kind. Feel free to point it out.
Current Events » in reply to A note on 80s tax cuts
Re: A note on 80s tax cuts
The whole thread (34 posts)
- Squandering Prosperity
- Another point of view
- Nice Change Of Pace
- Don Quixote, please tell us what policy will cure a natural move in the economic cycle