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Large tax cuts for the rich don’t lead to economic growth and employment, and instead cause higher income inequality, a new study that examined tax cuts over 50 years has suggested.

Tax cuts for the rich in 18 wealthy countries predominantly benefited the wealthy, according to a paper by David Hope of the London School of Economics and Julian Limberg of King’s College London.

“Our analysis finds strong evidence that cutting taxes on the rich increases income inequality but has no effect on growth or unemployment” in both the short- and long-term, the researchers wrote.

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