Many on the right have long-argued for tax cuts for the wealthy in the belief that it would somehow lead to more wealth creation
Trickle-down economics. It’s a theory that has been widely contested over the years, with the right continuing to insist that cutting taxes and regulations for the wealthy works to benefit those at the bottom. Now the public have given their verdict.
A new poll for YouGov finds that voters believe trickle-down economics does not work. The poll asked, ‘Do you think that reducing taxes and regulations for businesses and the wealthy does or does not benefit the wider economy and general population?’
47% of those asked said that reducing taxes and regulations on the wealthy does not benefit the wider economy, while just 24% said that it does.
Many on the right, including the likes of Liz Truss, have long-argued for tax cuts for the wealthy in the belief that it would somehow lead to more wealth creation which would trickle down to the rest of society.
We’re yet to see any evidence of it working.
In the U.S., Donald Trump is widely expected to bring in tax cuts for the wealthy as his way of attempting to boost the economy, despite the theory widely being discredited.
Basit Mahmood is editor of Left Foot Forward
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