“Here are the basics of what you need to know on where budget talks are in Congress: Right now, a bipartisan budget conference committee is working to produce a long-term budget solution — they have until December 13th to hammer out a plan. >From there, Congress will have until January 15th to debate, tweak, and pass the budget to avoid another government shutdown. That’s also the day that the next round of devastating sequester cuts will go into effect — these cuts were designed to put pressure on Congress to find a solution. If they fail to pass a budget by that date, the new round of sequestration cuts will be much more severe than the ones we saw in 2013. Many government agencies still had funding available from previous years that they were able to dig into, and take steps to prevent furloughs and deep budgetary cuts — but now, they’re running out of options, and another round of sequester cuts would slow our fragile economic recovery. The bottom line is that there’s a lot at stake over the next two months. Congress needs to step up and pass a long-term budget that addresses sequester cuts and grows our economy from the middle out.” …Nico Probst, OFA
If you are a Republican member of the United States Senate, you do everything in your power to suppress that report—particularly when it comes less than two months before a national election where your candidate is selling this very economic theory as the basis for his candidacy.
Initially released on September 14, 2012, the study—authored by Thomas Hungerford who is a specialist in public finance at the C.R.S.—correlated the historical fluctuations of the highest income tax rates and tax rates on capital gains dating back to World War II with the economic growth (or lack of the same) that followed.
Lowering the tax rates on the wealthy and top earners in America do notappear to have any impact on the nation’s economic growth.