To anyone who still believes the nonsense that cutting taxes for the rich will stimulate job creation or the economy, Politico points out that between the year 2000 and 2009, the real amount that people pay in taxes went down by 20%. That’s right, we cut taxes significantly, and what happened?
Are we now awash in jobs? Is our economy booming? Hardly. During that time period, we didn’t create a single net job.
In fact, our country pays less of its GDP than most countries in the world. We pay 24% of our GDP in taxes, compared to countries like Germany, which pays 37%, or Canada with 31%. Even countries like Norway, which pays 41% of their income in taxes, is doing better economically than we are.