I respect Malcolm Turnbull and Scott Morrison. They are intelligent, astute Parliamentarians. This makes it difficult for me to understand why they have made tax cuts the cornerstone of their election campaign.
They appear to believe that such cuts will stimulate economic growth and create jobs, but history proves this theory to be a fallacy.
In order to justify this statement, can I suggest to all my readers that you study research reports into tax cuts in USA and Australia over the past fifty years? You will find no economic or social justification for them.
The facts are that every tax cut has created some more billionaires, but few jobs down on Struggle Street. The trickle down effect has never ever trickled down and never will. Of even more concern is that on each occasion there has been a tax cut the national debt has risen. Continue reading “TAX CUTS & POLITICAL SUICIDE”