Cruz Promises Tax Cuts For The Rich Will Create Economic Growth Not Seen In 30 Years

[Human101948]

On Friday, he told CNBC’s Squawk Box, “My object is a minimum of 5 percent GDP growth.” And he would get there, he said, through his tax plan, which does away with most of the tax code to institute a 10 percent across the board rate on all income, and 16 percent on businesses. “The numbers we’re estimating are, if anything, underselling the GDP impact” of his plan, Cruz said.

Arthur Laffer, a former adviser to President Reagan, also joined the show and made bigger promises on behalf of Cruz’s plan. Pointing to the 7.1 percent annual GDP growth high point under Reagan, Laffer said, “You’ll get more than that” under Cruz’s plan. “Higher growth rates than 5 percent.”

...It’s unlikely tax cuts will unleash huge economic growth, however. Cruz’s plan would be a huge giveaway to corporations and the wealthy, with the richest 1 percent capturing half of all the benefits and just 7 percent going to the middle and lower class. It would also be costly, reducing government tax revenue by $8.6 trillion over a decade.

http://thinkprogress.org/economy/2016/04/15/3769835/cruz-5-percent-growth/

Zombie economics! It will not die!

[Downwinder]

1. In the Rich's bank accounts.

The whole country will be like Kansas.

[liberal N proud]

2. We heard that SHIT before

[Scootaloo]

4. Thirty-some years ago, wasn't it?

[liberal N proud]

8. Cruz, the ghost of Reagan

[Scootaloo]

9. The unnerving, lumpy, shiny-skinned ghost of Reagan

He's like the Ghost of National Earwax Days Past.

[brush]

3. He's still pushing "trickle down economics" that has been proven a total failure over . . .

the last 35 years. These repugs are like a broken record with this crap as they have no real ideas and continue to push this crappola to try to fool people.

[Scootaloo]

5. Seems like they've fooled a pretty large number of Democrats.

[brush]

10. Meaning what? Are you in the trickle down column?

[Scootaloo]

11. "Are you in the trickle-down column" are you for real?

No. I am... certainly not. My point is that you really can't pretend that it's "The Republicans." Both parties have embraced neoliberal economics. At least since the mid-80's when Mondale crashed and burned. Remember who announced, "The era of Big Government is over!" It wasn't Reagan. it wasn't 1986. it was Bill Clinton, 1996. By then the anti-tax, anti-government, privatize-everything, government exists to turn a profit ideology had become well inculcated within the Democratic party.

Condemning it in the republicans and ignoring it in our own party is more than a little myopic.

[brush]

12. I asked what you meant and you finally explained. Yoohoo!

But I assume you know trickle down or supply side or Reaganomics or whatever you want to call it emanated from and has been promulgated chiefly by repugs.

Nothing to argue about there. It doesn't work.

[Scootaloo]

14. "Finally"?

Dude, you asked, I answered. Not sure what the "finally" is about, there.



And yes, there's plenty to argue there. What, do you think the Democratic party has just been a hapless onlooker for the last thirty-five years?

[awoke_in_2003]

19. +1000. nt

[smirkymonkey]

6. Yeah, that has always worked wonders.

He's even dumber than I thought.

[awoke_in_2003]

20. He knows his plan is full of shit

and he hopes that the stupidity of the American public continues

[Turbineguy]

7. 30 years!

By some strange coincidence......

On the other hand, maybe they won't wake up Cruz in event there is a crisis.

[sofa king]

13. Now that lie is only believed by the stupid and the evil.

The rest of us are too desperate to be fooled again.

So I suppose we shall see how stupid and evil, plus gerrymandering and vote theft, stacks up against all women, all minorities, the former middle class, and critical thinkers. I am cautiously optimistic.

[paleotn]

15. The Laffer Curve is very aptly named...

It's funny as hell if you're a 1 percenter. Not so much for the rest of us as it's utter and complete nonsense, and Arthur Laffer is either psychotic or one of the biggest con artists of our generation. I can think of very few who've done more economic damage to middle class Americans than that arse.

[exboyfil]

16. This is an old article but I still like the graph

http://www.slate.com/articles/news_and_politics/the_best_policy/2010/02/tax_fraud.html

[Alkene]

17. Cruz posts yet another 419 scam. Does that still work?

[Hotler]

18. Damn Ted you're fucking funny. That was a good one.

where the fuck have you been the past 30-years.

[AxionExcel]

21. Stunning that Repubes will let themselves get SUCKERED yet again by this crock O' crap

[Initech]

22. Wrong, it would create wealth hoarding like we haven't seen in 30 years.

[robertgodardfromnj]

23. Just like how the wealth would trickle down?

This is just voodoo economics at its worst. Cruz is a moron.

[Rex]

24. He is the byproduct of Reagan and McCarthy. A product straight out of hell.