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Historical Origins of Supply Side Economics


historical Origins of Supply Side Economics

administration shifted to a 13 percent flat-rate income tax and also sharply reduced the payroll tax rate. Over the long term, and in a healthy economy, this will put downward pressure on the dollar which could ultimately increase inflation through higher prices for imports. The budget deficit fell from 290b US in 1992 (4.9 of GDP) to 104b US in 1996 (1.2 of GDP). Supply-side economics has exerted a major impact on tax policy throughout the world. In the entire period after 1973, the annual growth rate of productivity has been very close.1 percent.

Instead, the taxable income of the group with incomes above 200,000 fell by 31billion. Even those serious economists and scholars that do believe that there might be a positive growth effect of such a policy reform, argue that the growth effects of a flat-tax would be much smaller than those claimed by Forbes. In 1980, only six countries levied a personal income tax with a top marginal rate of less than 40 percent. There is some question about the magnitude of these effects, and the theory was way oversold at the time.

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The economic policy centerpiece of the (failed) Bob Dole's presidential campaign was a proposal of a 15 across-the-board reduction in income tax rates. Was the economy growing or in a recession? Does Atlas Shrug: The Economic Consequences of Taxing the Rich. George Bush, in the days when he was an opponent of Ronald Reagan in the 1980 primaries, referred to an extreme version of this theory espoused by Reagan as "voodoo economics." In this version a cut in tax rates was predicted to result. Supply us with a slogan, mr Xis adoption of the supply-side mantra marks the start of protracted tiptoeing. A more objective study of this tax plan suggested, instead, that even under the very optimistic scenarios about increased growth and reduced effects of Nitrate on Oxygen Goldfish interest rates claimed by the plan, the overall effect of the plan would have been a shortfall of revenues, equal to. In other terms, since private savings are about 5 of GDP, in the best scenario they would become 6 of GDP. After the tax cut, this taxpayer gets to keep 50, rather than 25, of every 100, a 100 percent increase in the incentive to earn. Supply-siders, including the President, said that was because of the tax cuts.

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