Socio-EconomicReview,2022,Vol.20,No.2,539–559Downloadedfromhttps://academic.oup.com/ser/article/20/2/539/6500315bygueston07March2024doi:10.1093/ser/mwab061AdvanceAccessPublicationDate:7January2022ArticleArticleTheeconomicconsequencesofmajortaxcutsfortherichDavidHopeandJulianLimbergDepartmentofPoliticalEconomy,King’sCollegeLondon,LondonWC2B4PX,UKCorrespondence:david.hope@kcl.ac.ukAbstractThelast50yearshasseenadramaticdeclineintaxesontherichacrossthead-vanceddemocracies.Thereisstillferventdebateinbothpoliticalandacademiccircles,however,abouttheeconomicconsequencesofthissweepingchangeintaxpolicy.Thisarticlecontributestothisdebatebyutilizinganewlyconstructedindica-toroftaxesontherichtoidentifyallinstancesofmajortaxreductionsontherichin18OrganisationforEconomicCo-operationandDevelopment(OECD)countriesbe-tween1965and2015.Wethenestimatetheaverageeffectsofthesemajortaxreformsonkeymacroeconomicaggregates.Wefindtaxcutsfortherichleadtohigherincomeinequalityinboththeshort-andmedium-term.Incontrast,suchreformsdonothaveanysignificanteffectoneconomicgrowthorunemployment.Ourresultsthereforeprovidestrongevidenceagainsttheinfluentialpolitical–eco-nomicideathattaxcutsfortherich‘trickledown’toboostthewidereconomy.Keywords:taxation,inequality,incomedistribution,economicgrowth,unemploymentJELclassification:D31personalincome,w...
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