ANOTHER GOP MYTH TAKES A HIT

The tiresome "I never got a job from a poor man" excuse to lower taxes on the wealthiest just took a hit that was reported by Bloomberg News. I suspect Hannity & Limbaugh won't tell their listeners this because it refutes their economic ideology.

Rich Americans Save Tax Cuts Instead of Spending, Moody's Says
By Timothy R. Homan - Sep 13, 2010 9:48 AM MT

Hand the wealthiest Americans a tax cut and history suggests they will save the money rather than spend it.

Tax cuts in 2001 and 2003 under President George W. Bush were followed by increases in the saving rate among the rich, according to data from Moody’s Analytics Inc. When taxes were raised under Bill Clinton, the saving rate fell.

The findings may weaken arguments by Republicans and some Democrats in Congress who say allowing the Bush-era tax cuts for the wealthiest Americans to lapse will prompt them to reduce their spending, harming the economy.