I think I know why supply side true believers think their policies work; because they blame the few remaining liberal policies for holding back "reform." But if you look closely at the numbers, the immovable facts, than all the fantasy scenario's don't amount to a hill of beans.
I just recently asked why no one did the hard work of compiling a list of all the Walker tax cuts since he took office...well someone did. From the Wisconsin Budget Project:
The largest tax cuts over the four year period include:
The income tax cut included in the 2013-15 budget, which reduced revenue by $647.9 million over this period;Here's the really ugly truth about Walker's supply side fantasies:
The January 2014 property tax cut, which reduced revenue by $406.0 million; A tax break for businesses hiring new employees, $134.0 million;
A tax cut that will nearly eliminate income taxes for manufacturers once it is fully phased in, $126.6 million;
and A tax cut for multi-state corporations that allows them to shift some income to states with no income tax, $126.4 million.
The Wisconsin Legislative Fiscal Bureau, a nonpartisan agency, put together a list of all the tax changes enacted since January 2011. You can read the memo here. Unfortunately, tax cuts haven’t led to job growth in Wisconsin.
Not only have the tax cuts not created jobs, they have made it harder for Wisconsin to build a strong economy, by reducing the revenue that Wisconsin needs to invest in schools, transportation, safe communities, and other tried-and-true building blocks of economic growth.