Myths surround tax cuts
To the editor:
The myth that tax cuts promote economic growth and prosperity is not supported by any evidence.
Ronald Reagan and George W. Bush cut taxes but growth as measured by gross domestic product was higher after Bill Clinton raised taxes in the 1990s.
I’d like to see the tax codes made more understandable so the average citizen could see who is paying and who is not paying taxes. As for advice from high-flying experts, the record is not very good. Long Term Capital Management, a Connecticut hedge fund that imploded in 1998, was led by some very smart people who make some dumb moves. The cost was $4.6 billion. The famous economist Martin Feldstein was on the board of AIG Financial Products when it got into trouble in 2008 and had to be bailed out by taxpayers.
Maybe we should pay more attention to the ideas such experts promote and focus much less on their Ivy League pedigrees.