About 50 years ago, Art Liephor attracted a convex curve on a napkin to portray the power deduction power to two senior officials of the Ford administration called Donald Rumsfeld and Dick Cheni.
Unfortunately, he did not consult his advice, and he raised taxes to reduce economic demands, which he had wrongly thought that inflation would win. they were wrong.
The economy went into a deep recession and was not conquered in inflation until Ronald Reagan’s tax deduction and Paul Volcker’s hard money in the early 1980s. But that convex curve showed the optimal policy mixture for tax revenue and economic development.
If the tax rates were very high, the tax revenue would have fallen. But if the tax rate is reduced, both economic development and revenue will increase.
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As a historical examples, Arthur showed successful Harding-cools-mailon tax deduction of the 1920s. Then the great JFK tax cut of the 1960s. Here President Kennedy said, “It is a contradictory truth that tax rates are very high and tax revenue is very low and the best way to increase revenue in a long time is to cut rates now … Now tax cuts are not to complete a budget deficit, but more rich, more rich, more rich, more rich, more rich, to achieve an expansion economy that can bring a budget surplus, a budget surplus.”
And then there was a high increase, low inflation Reagan tax was reduced which gave rise to an economic boom of about 30 years.
In the first term, after the Lieph Vakra and his tax cut program, President Trump honored Arthur Liephor with a presidential medal. Without a question, Laffer is also entitled to a Nobel Prize, but the profession of left-sighting economics will not give them one.
Now, America needs a return of a supply-side as so many Republicans feel that the Laughter has forgotten the message of the curve. And unfortunately, JFK’s Democratic Party is no longer present.
But President Trump’s supporter-development tax deduction will be jointly with the AI Revolution Economic development drive Above 3% per year.
Ignoring this, the Republicans of the Congress are depriving themselves of about $ 2.5 trillion in revenue that will win the budget deficit and reduce the debt burden on the economy Bend the loan in GDP ratio.
Deputy Treasury Secretary Michael Folkander unpacked the status of the US economy under President Donald Trump on ‘Kudlo’.
Trump Council of Economic Advisors are predicting more than 4 million new jobs, and more than that $ 9,000 per year for typical middle class familiesTherefore, the administration is still traveling with the Liex Curve.
And Leefer quoted him on President with a Wall Street Journal feature interview Trump’s “a big, beautiful bill”Saying that it is “like economic prosperity as you have never seen”.
Arthur is right. And for the Capital Hill Republican, it should be a teaching moment.
