Fact: Tax cuts on the rich always end up raising more revenue for the government due to economic growth.
Considering this, it is incredibly irresponsible for our government to not lower income taxes to a negative rate for the highest income brackets. Sure, ignorant poor people might call it "welfare for the rich", but they just don't understand the government's purpose.
... One other nuance — it depends on the type of tax cut. You can imagine how cutting taxes for lower earners might boost activity more than cutting the top marginal rate — lower-income Americans with an extra $100 are more likely to spend that money than a millionaire.
Likewise, the economic research firm Moody's found in 2008 that temporary tax cuts (like rebates) could boost GDP, but permanent ones had a much weaker effect. Meanwhile, boosting spending on programs like food stamps and unemployment had a stronger effect, they found.
In short, if your sole, ultimate goal is faster growth, tax cuts might not be the best policy.
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And here's where the bottom line comes in — even if you do believe the Tax Foundation's dynamic scores are way too generous, as of earlier this month, they found that one candidate (Rand Paul) comes out with a plan that won't slash revenue, while most of the other candidates will cut it by more than $1 trillion over 10 years.
Trump's plan, by this math, cuts revenue by $10 trillion over 10 years.
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In that Chicago survey of economists, 71 percent either disagreed or strongly disagreed that tax cuts would lead to higher revenue in the next five years. Meanwhile, zero percent agreed that cutting taxes would raise revenue in the next five years.
"[A tax cut] won't pay for itself. You're not going to cut taxes by a dollar and get a dollar back in revenue from the growth," said Doug Holtz-Eakin, former director of the CBO.
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The Short Answer:
Candidates tend to oversimplify the relationship between tax cuts and economic growth.
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