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For decades, the idea of trickle-down economics has justified tax breaks for the affluent. Proponents argue that tax cuts for the rich will benefit everyone through job creation and increased economic activity. However, this notion has been widely disproven. Data shows that tax cuts for the wealthiest Americans have led to increased disparities in income while failing to deliver the promised economic growth. In fact, in the wake of Trump's 2018 tax cuts, the wealth of billionaires surged by $2 trillion during a time when many Americans faced economic hardship.
Myths About Taxation of the Wealthy
As pro-tax campaigns gain traction, counterarguments against taxing the wealthy have proliferated. Here are some prevalent myths and the truths that debunk them: