Lower taxes for the rich spur investment, which is good for people of all classes

See You Say ‘Trickle Down’ as if It’s a Bad Thing by Steven E. Rhoads. He is a professor emeritus of politics at the University of Virginia. Excerpts:

"Even some prominent 20th-century liberal economists, including Paul Samuelson and Alfred Kahn, agreed that the innovation and investment that lead to capital formation are crucial to economic growth. Kahn once wrote: “The most powerful engine of productivity advance is technological progress, generated in large measure by expenditures on research and development and embodied in improved capital goods and managerial techniques.” That process confers benefits on everyone, he added, “precisely by trickling down.”"

"For his 2019 book, “The Billion Dollar Secret,” entrepreneur Rafael Badziag interviewed 21 self-made billionaires. He found that they generally derived more pleasure from investing in technologies to create new and improved products—a benefit to everyone—than from spending on personal luxuries.

A good example is the smartphone. Wealthy Americans were among the first buyers of and investors in the product when it was a new technology. In time, costs dropped and smartphones became ubiquitous."

"We all gain from new, improved products made possible by innovative startups funded by the wealthy. Excessive taxation, doubtless a feature of a “middle-out” plan, could deplete the funds that entrepreneurs use to start and sustain useful ventures."