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Trickle-down economics is a pejorative term for government economic policies deemed by opponents to disproportionately favor the upper tier of the economic spectrum (wealthy individuals and large corporations).
There were two major tax cuts: The Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts.
As popularized by supply-side economist Arthur Laffer, the curve is typically represented as a graph that starts at 0% tax with zero revenue, rises to a maximum rate of revenue at an intermediate rate of taxation, and then falls again to zero revenue at a 100% tax rate. However, the shape of the curve is uncertain and disputed among economists.
New British Prime Minister Liz Truss and her finance minister Kwasi Kwarteng look set to revive Margaret Thatcher's 1980s experiment in "trickle-down" low-tax economics, the results of which have ...
Conservatives believed a large tax cut would "boost investment, raise employment, and jump-start the economy", [7] a theory sometimes described as supply-side economics or trickle-down economics. [5] Reducing taxes was one of Brownback's two major stated goals as governor (the other being to increase spending on education). [30]
Reagan gives a televised address from the Oval Office, outlining his plan for tax reductions in July 1981.. Reaganomics (/ r eɪ ɡ ə ˈ n ɒ m ɪ k s / ⓘ; a portmanteau of Reagan and economics attributed to Paul Harvey), [1] or Reaganism, were the neoliberal [2] [3] [4] economic policies promoted by U.S. President Ronald Reagan during the 1980s.
Arthur Betz Laffer (/ ˈ l æ f ər /; [1] born August 14, 1940) is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989).
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy—what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows. — John Kenneth Galbraith [136]