But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.
Per capita gross domestic product and unemployment rates were nearly identical after five years in countries that slashed taxes on the rich and in those that didn't, the study found.
But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered.
Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.
Conservative think tanks such as the American Enterprise Institute pointed to Mr. Trump's tax cuts as an engine for stronger economic growth.
Even before the pandemic, income inequality had reached its highest point in 50 years, according to Census data.
Raising taxes on the rich and corporations could provide trillions of dollars in resources for helping the economic recovery, Zucman told CBS MoneyWatch. »