The Idiotic GOP ‘Laffer Curve’ Fantasy Is Back, Baby!
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Here we go again with the Republican fantasy that the tax cuts for the rich they’re planning — while also slashing our social safety nets — are going to pay for themselves.
Fox Business Network’s Elizabeth MacDonald spoke to House Homeland Security Committee Chair Mark Green this Wednesday about the Republican’s “One Big Beautiful Bill” they’re trying to get passed before the holiday, and both MacDonald and Green were happy to push the notion that Art Laffer’s trickle-down economics were finally going to work this time.
Laffer should have been laughed out of polite society a long time ago, but that won’t stop the supply-side liars like MacDonald and Green from continuing to lie about his disproven theories over and over again as they did here while completely ignoring all of the devastating impacts their agenda will have if they manage to get their cruel, heartless bill passed by the weekend.
MACDONALD: What is happening right now with the hardliners in the Republican Party? Trump is effectively trying to bring back the Reagan boom, and he’s putting together a solid coalition of working class minorities for Republicans with the tax cuts.
So will they, will they solve this? Are we going to see the bill by the weekend?
GREEN: I think the biggest issue, Liz is over when the actual deficit gets fixed.
I mean, this initially in the first few years adds to the deficit because we’re paying for border security, we’re paying to take on, you know, to build our military up, because of the threat from China.
So there’s some costs in the front end of it. It has massive savings on the back end of it.
A lot of the guys on the hard right, the gals on the hard right, they want to see us cutting the deficit now, cutting spending now. So that’s the crux of the issue and I think you know the negotiations are going on and we’ll see what happens.
MACDONALD: Okay, so we know that tax cuts do lead to economic growth and that could bring you know the whole deficit picture down. That’s right.
So let’s talk about the dozens of common sense things in there. You know, personally, I’ve been covering taxes for 30 years.
I’ve reported on the Laffer Curve. I testified twice for Congress about tax, the tax reform, and IRS reform.
What they’re talking about is 6 million jobs. Everyone gets a tax break. Low income taxpayers get a tax break.
No taxes on tips and overtime, cuts taxes on Social Security, doubles the child tax credit, stops the Biden era rule forcing everybody to, you know, report their $600 phone app transactions to the IRS.
So do the hardliners understand that when you have tax cuts, that creates, you know, growth and brings in the revenue, bringing the deficit, you know, picture down.
GREEN: Yeah, there’s no doubt about it. Look, Walmart doesn’t offer a big sale and lower prices so that out of the goodness of their heart. They do that because they know more people will buy and know in the end they raise more money, they make more profit.
If you lower the price of paying your taxes, there’ll be, you know, more people that pay. I mean that’s just the simple truth of the matter. You know, overseas money comes home, all of those things, and we collect more revenue.
That’s the Laffer Curve.
And yes, the guys on the hard right do believe that. The question comes down to how much growth do you get out of how much tax cuts, and they’re just arguing over that now. And I think the debate is going on as we speak.