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High taxes don’t hurt growth, and the 1950s are proof.
At least that’s the argument some people have been making lately. But does the experience of the 1950s really reconcile high tax rates with strong growth?
Many scholars have looked into this question and concluded, after serious examination, that that the pro-tax argument does not hold water. Rather than summarize their points in this short blog, I encourage interested readers to check out some of the convincing analysis of this topic that has been published recently.
Joseph Thorndike, a Bush Fellow and respected tax historian, has authored a detailed study unpacking many of the common assumptions and misconceptions about the 1950s.
In a January 2013 column for Bloomberg, my Bush Center colleague Amity Shlaes writes that many people’s conceptions about 1950s tax history are fantasies.
Just this week, the Wall Street Journal published an Op-Ed by Lawrence Mone titled “There’s No Going Back to the 1950s Tax System.”
And finally, the Manhattan Institute has just released a study by Arpit Gupta which concludes that “…it is potentially misleading to imagine that U.S. taxes in the 1950s can serve as a model for a better approach in 2013.”
Matthew Denhart is an expert on immigration policy and is the author of the Bush Institute’s America's Advantage: A Handbook of Vital Immigration and Economic Growth Statistics, now in its third edition. He currently serves as executive director of the Calvin Coolidge Presidential Foundation and is a founder of the Coolidge Scholars Program which provides full-ride merit scholarships to America's most promising college students. A summa cum laude graduate of Ohio University, Denhart has written and spoken widely on a variety of policy topics including the economics of higher education, labor, and taxes. He has contributed articles to numerous national publications including The Wall Street Journal, Forbes.com, CNN Opinion, and Bloomberg View.Full Bio
TARIFF-IED: Trade Talk with Matthew Rooney
This week, trade relations between the U.S. and India are continuing to escalate. Earlier this month, the U.S. stopped granting India special trade privileges by taking away the Generalized System of Preferences (GSP) program, and India has responded by enforcing more tariffs of its own. The George W. Bush-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict: For more information on trade groups and the global economy, visit www.bushcenter.org/scorecard.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.