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The Federal Debt and the 1%: How Tax Cuts for the Wealthy Inflate Our Deficit
If you care about a fair and equitable society, it is essential to understand how tax cuts for the wealthy drive up the deficit.
The Federal Debt and the 1%: How Tax Cuts for the Wealthy Inflate Our Deficit
For decades, tax cuts for America’s wealthiest have been pitched as a surefire way to “boost the economy.” Backed by conservative politicians and corporate interests, these tax breaks are painted as crucial for growth, job creation, and even fiscal responsibility.
Reality tells a different story: tax cuts for the 1% don’t just fail to meet these promises—they punch gaping holes in the federal budget, weaken essential services, and widen the gap between rich and poor. If a fair and equitable society matters to you, understanding how tax cuts for the wealthy drive up the deficit is essential.
The Trickle-Down Fallacy
The rationale behind these tax cuts rests on the worn-out idea of “trickle-down economics.” The theory suggests that if the wealthiest individuals and corporations have more money, they’ll invest in businesses, create jobs, and improve life for…
