Richard Cristdahl: Tax breaks, welfare for the rich?
Tax cuts that really work, and trickle-down-economics are not a mysterious science. They go hand-in-hand with two maxims.
The first is, “rich people usually don’t share their wealth,” and second “everyday people like to spend money,” usually just to survive. When you give tax cuts to the wealthy the majority of that money stays with the richer 10 percent, with very little trickling down to the poorer 80 percent. The “Wall Street economy” prospers and the “cash economy,” where currency circulates, stagnates.
This has been proven many times since Ronald Reagan coined the phrase in the 1980s. People just have short memories and when politicians, like Donald Trump, reinvent trickle-down-economics it sounds fresh and plausible. In reality it always ends the same way, as we are finding out again, with the rich-getting-richer at the expense of the people.
When you give a significant tax cut to the people, they spend it, generating an influx of currency into the cash economy, and creating prosperity for the people. With this increase in spending the rich also prosper making it a win-win, only this time the rich have to earn it.
It’s time to stop welfare for the rich, and make them work for it.
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