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Supply‐side vs. demand‐side tax cuts and U.S. economic growth, 1951–2004

Abstract Supply‐side economists claim that a low top marginal income‐tax rate accelerates investment, employment, and economic growth. But the economic literature cited to support the supply‐side hypothesis provides little to no empirical support for it. And a more comprehensive empirical examination of key parameters of U.S. economic performance in the postwar period, undertaken here, shows no association between low top marginal income‐tax rates and high real growth in investment, employment, or GDP. By contrast, the analysis yields strong evidence for the economic‐growth benefits of a “demand‐side” approach to taxation policy.