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GOP kills official report finding tax cuts for rich don’t boost growth
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| Contributor | RP |
| Last Edited | RP Nov 02, 2012 01:06pm |
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| Category | Report |
| Author | Zachary Roth |
| News Date | Friday, November 2, 2012 12:00:00 PM UTC0:0 |
| Description | After pressure from the GOP, a nonpartisan congressional agency withdrew a report that found tax cuts for the rich don’t spur economic growth and instead worsen inequality. Staffers at the agency tell MSNBC.com they’re up in arms over the move. And top Democrats, too, want answers.
“The Republicans have been pushing this argument that the top marginal tax rate has this huge effect on economic growth … and there’s just no evidence of that,” said one agency analyst, adding that the decision to disavow the report “wasn’t about substance, it was about politics.”
At issue is a study released in September by the Congressional Research Service, which serves as Congress’s in-house nonpartisan policy research arm. “The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie,” the study found. “However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.” |
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