The Big Lie: “Rich People Create Jobs”
(Multimedia)
One of the most commonly repeated theories about job-creation is that "rich people create jobs"--specifically, rich investors and entrepreneurs who build companies that eventually employ hundreds or thousands of Americans.
This theory is often used to justify very low taxes on investors and high-income earners, under the theory that such folks have to be given an incentive to "create jobs."
But the trouble with the theory, says Nick Hanauer, ...
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