Before Thomas Sowell became known for his insightful commentary on US public policy, economic conditions, and American culture, he was a professor at leading American universities and a well-respected expert on economic thought and history. Sowell, the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, writes on economics, history, social policy, ethnicity, and the history of ideas. Most recently, Sowell has written a short essay titled “Trickle Down Theory” and “Tax Cuts for the Rich,” published by Hoover Press in 2012. In this essay, Sowell articulates the true effects of tax cuts and corrects notions put forward by the media.
Searching the economic literature and examining tax policy going back to the 1920s, Sowell shows that tax cuts are about overall economic expansion, not about the individual beneficiaries of changes in tax rates. Relying on information from and the writings of a diverse group of US presidents (Wilson, Coolidge, Franklin Roosevelt, Kennedy, Reagan, and George W. Bush), and economists and businessmen (Joseph Shumpeter, Andrew Mellon, and John Maynard Keynes), Sowell demystifies the trickle-down theory and unscrambles misconceptions that have made rational debates about tax policies impossible for decades.
The author of numerous books and articles, Sowell has taught economics at UCLA, Cornell, Amherst, and other institutions and has published in the American Economic Review, the Journal of Political Economy, Economica, Oxford Economic Papers, and other scholarly journals. He writes a syndicated column that appears in more than two hundred newspapers across the country. His web site is www.tsowell.com.
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Click here to watch the latest Uncommon Knowledge episode featuring Thomas Sowell discussing his short essay “Trickle Down Theory” and “Tax Cuts for the Rich.”