Last week, President Joe Biden spoke at a Volvo factory in Hagerstown, Maryland and addressed domestic manufacturing and the economy. During his speech, Biden accused Republicans of hoping for an economic downturn and blamed the financial struggles of the middle class on “trickle down” economic theory endorsed by the political right. But as Stanford Professor & Economist Thomas Sowell points out, “trickle down” is not a legitimate economic theory nor has anyone (economist or politician) ever advocated for it. “Trickle down” has simply morphed into a derogatory term for lowering taxes—which, according to data, has historically resulted in more revenue collected by the federal government with wealthy Americans paying a larger percentage of overall tax revenue. In “Trickle Down Theory and Tax Cuts for the Rich,” Sowell writes, “[t]he facts are unmistakably plain, for those who bother to check the facts. In 1921, when the tax rate on people making over $100,000 a year was 73 percent, the federal government collected a little over $700 million in income taxes, of which 30 percent was paid by those making over $100,000. By 1929, after a series of tax rate reductions had cut the tax rate to 24 percent on those making over $100,000, the federal government collected more than a billion dollars in income taxes, of which 65 percent was collected from those making over $100,000.”