Margaret Thatcher, whom Liz Truss pretends to idolise, understood this dirty little secret. Growth is in fact impervious to the top income tax rates. Paul Krugman recently showed that neither Ronald Reagan’s tax cuts nor Bill Clinton’s tax hikes affected the US’s income path significantly. Did the UK catch up after four decades of trickle-down tax policies and assorted deregulation measures, which never happened in France? There are already signs that Kwarteng, instead of killing off the trickle-down zombie, will instead revive the austerity zombie.

Source: The Guardian October 02, 2022 02:30 UTC