But the actual arguments advocated by Secretary Mellon had nothing to do with a "trickle-down theory." Mellon pointed out that, under the high income tax rates at the end of the Woodrow Wilson administration in 1921, vast sums of money had been put into tax shelters such as tax-exempt municipal bonds, instead of being invested in the private economy, where this money would create more output, incomes and jobs.{8
( Thomas Sowell )
[ "Trickle Down Theory" and "Tax ]
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