Poll after poll says that most Americans want to raise taxes on the rich. In one recent survey, more than two-thirds of respondents — and even a majority of Republicans! — favored higher taxes on households making more than $250,000 per year. Why are people who want to be elected president proposing the exact opposite of what the people want?
—James Kwak on “the shameless Republican race to cut rich people’s taxes.” Read more. (via theatlantic)
The most charitable answer is that they think lower taxes are good for the country. Reducing taxes on the rich would make them work harder, save more, and promote economic growth. This is the theory George H.W. Bush once called “voodoo economics,” and 30 years later, it’s still voodoo.