America Needs a Supply-Side Comeback
Soon after Gerald Ford became president in 1974, Dick Cheney and Donald Rumsfeld—both serving in the White House—met economist Art Laffer and Wall Street Journal editorial writer Jude Wanniski for dinner at a Washington restaurant to discuss their disagreement with the president's support for raising taxes.
Mr. Laffer sketched a bow on a napkin depicting the relationship between tax rates and government revenue—the eponymous Laffer Curve. It depicts the proposition that tax revenue rises with marginal tax rates only up to a point—beyond which revenue starts to decline as people work and invest less. Mr. Laffer scribbled on the napkin: 'If you tax a product less results. If you subsidize a product more results. We've been taxing work, output and income and subsidizing non-work, leisure and un-employment. The consequences are obvious!'
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