Supply-Siders Against Markets

I’ve said this before, but one thing always worth nothing about the capital gains tax cut scam is that if you were a true believer in the power of the free market you would be particularly opposed to them, since you would presume that the market already correctly allocates resources to investment as opposed to everything else. Admittedly, I’m not, so I believe in looking at evidence. Which tells us that the evidence that taxing capital at lower rates increases economic growth is scant, and certainly isn’t remotely enough given the burden of proof that should apply against extremely regressive tax cuts.

I’d also point out that it seems to be an increasing Republican orthodoxy — shared by the allegedly more reasonable Mittens — that capital gains shouldn’t be taxed at all. In case there was any remaining question whether Republicans were pro-free market as opposed to merely pro-plutocrat.

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