"50 years of Republican tax cuts have not trickled down from the rich"

Date: Jan 1, 2021, 11:38 PM

Author: Aimee Picchi of CBS News Moneywatch

Tags: Tax cuts, trickle-down, theory hasn't worked

For the past 50 years, Republicans have lowered taxes on rich people and corporations while taxes on middle class and lower income people have gone up. Examples: in 2017 Trump and the Republicans had massive tax cuts for corporations (lowering rates from 35% to 21%) while taking away the tax deduction for homeowners for interest on mortgages and real estate taxes by capping it at $10,000 per year, thereby giving lower and middle class homeowners a gigantic tax raise of up to an extra $10,000 in federal taxes every year! In 1984 Reagan and the Republicans lowered taxes for rich people and corporations from 70% to 35% while simultaneously adding a new tax for poor and middle class people who were living on Social Security by making SS 85% taxable as ordinary income! https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/