Well, What Do You Know
Seems like there was some extensive economic research done earlier this year, and the findings were not exactly to the GOP's liking....so they had it suppressed. It's about time for those nasty old Bush tax cuts (Yes, I know: Obama extended them in a gesture of compromise to the Republicans. Wasted effort......) to come to an end. The GOP is having a tizzy, wanting to keep their gravy train in motion, and pushing their "austerity measures" on everyone else. And just like their presidential candidate Romney, if the facts don't fit your meme...change them...or at least try to keep them out of the limelight.
"The results of the analysis suggest that changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth. 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.
However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution. As measured by IRS data, the share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession. At the same time, the average tax rate paid by the top 0.1% fell from over 50% in 1945 to about 25% in 2009. Tax policy could have a relation to how the economic pie is sliced—lower top tax rates may be associated with greater income