In a research that shocks completely no progressive however is nonetheless essential, we as soon as once more have proof that Reagonimics advantages the wealthy greater than anybody else. On this case, the paper involves us from researchers out of the London Faculty of Economics and King’s Faculty of London, the place information that spanned a interval of 50 years means that tax cuts for the rich merely spurred inequality with out important assist for anybody else, together with little job development. This form of research is at all times related, however particularly as we proceed to face the novel coronavirus pandemic with meager aid from our federal authorities. The info does finish in 2015, so it doesn’t truly embrace the coronavirus, however the big-picture message nonetheless stands: It’s completely nice to tax the wealthy, as a result of not taxing them doesn’t truly assist anybody else anyway.
David Hope of the London Faculty of Economics shared the identical sentiment in an interview with Bloomberg, although phrased a bit extra diplomatically. “Coverage makers shouldn’t fear that elevating taxes on the wealthy to fund the monetary prices of the pandemic will hurt their economies,” Hope advised the information outlet. In actual fact, based on their research, he added to Bloomberg, insurance policies that disproportionately assist the wealthy truly “don’t ship the form of trickle-down results that proponents have claimed.” Bingo.