For most of the 20th century,Democrats and Republicans agreed that

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For most of the 20th century, both Democrats and Republicans believed that high marginal tax rates without loopholes would hurt the economy by discouraging people and businesses from saving and investing. This belief was based on the theory that higher taxes would mean less money available for investment, leading to a slower rate of economic growth. This consensus began to shift in the 1980s with the emergence of supply-side economics and the belief that tax cuts, particularly for the wealthy, would stimulate economic growth.

For Most of the 20th Century,Democrats and Republicans Agreed That