Norm Osterman sent a letter talking about the tax cuts to the wealthy, which was answered by Steve Singleton.
Trickle down, or supply side economics, came out of the Reagan administration. David Stockman was his economic advisor. Reagan pushed to lower the top tax rates from 70 percent to 28 percent. (Bush then lowered it even more.)
He also lowered the corporate rate, the rate on income from investments and some excise taxes. All of that we can agree on. Seems to me that if you are having trouble paying your debts -- Reagan raised the national debt by 180 percent -- the last thing you want to do is lower your income (revenue), but I digress.
The theory behind "trickle down" or "supply side" economics is that when the rich and the corporations get so rich that their pockets can't hold any more money, they will overflow and money will fall like "manna from heaven" onto the poor folk! The problem is that it just doesn't work!
We have tried this "grand experiment" for 30 years. We have given tax break after tax break to the rich and the corporations. They started at 70 percent (not sure I agree with that figure) and now most of the top 10 Fortune 500 Companies pay no taxes at all and some got a refund (I know I don't agree with that one!). We subsidize for transportation costs, research and development and give price supports to the peanut farmers at the expense of social programs. Again, it just doesn't work!
Those who agree with this failed policy have blocked job bills, unemployment extensions, cut funding for the elderly and the infirm and every social program we have, but not once have they even considered abandoning this failed experiment. And our representative, Cathy McMorris Rodgers, has walked lockstep with those who back these policies that just don't work!
Common sense tells me that if you are doing something for 30 years that just doesn't work, you get rid of those lawmakers who are obstructing rather than fixing and try a different line of action. Make the wealthy and the corporations pay their fair share. Take back the tax breaks and the subsidies (except for those companies that give us real jobs, jobs on American soil).