Cutting taxes for the wealthy does not generate faster economic growth, but may widen the income gap between the rich and the rest, according to a new report.NO FUCKING WAY! Someone get my fat ass to a fainting couch before I fall on my head out of shock.
A study from the Congressional Research Service — the non-partisan research office for Congress — shows that "there is little evidence over the past 65 years that tax cuts for the highest earners are associated with savings, investment or productivity growth."
In fact, the study found that higher tax rates for the wealthy are statistically associated with higher levels of growth.
Full Disclosure: I am not actually shocked.
[H/T to Shaker Brunocerous.]
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