It’s more of what George H. W. Bush called voodoo economics. The theory is that if millionaires and billionaires had more money from not paying taxes that they would then invest more in their businesses, which would in turn hire more workers. It’s total bullshit and anyone who has even taken a causal interest in economics will tell you the same thing.
There’s absolutely zero connection between the individual tax rates of billionaires and the decisions of corporations. And in fact, one would be hard pressed to find any causal relationship between the tax bill of corporations and whether they hire more employees.
You’ll never be in a meeting in which there’s a discussion about hiring more workers if only the CEOs personal income tax burden were lower. Businesses hire more people when there is an increase demand for their products or services. And so it doesn’t take a doctorate in economics to understand that the best way to increase economic activity is to put money into the hands of people who will actually spend it on products and services offered by corporations.
Trickle down economics is like a venereal, give me a shot of penicillin ’cause it burns when I pee.