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Political Factoid
The Republicans perpetually claim
that tax cuts create jobs and
increase tax revenues
... but that is only partially true.
- For working Americans, tax cuts generally
put money in the economy, increasing
demand and adding some jobs, which
produces increased payroll taxes (federal),
increased income taxes (federal and state),
and increased sales taxes (most states).
- However, for the wealthy, most of their
tax cuts are spent for things that are
not taxed and do not produce more jobs,
at least not in America.*
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There is no sales tax on money spent buying
stocks and mutual funds on Wall Street and
there are no significant increases in tax
revenues, especially when they are invested
in foreign companies.
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