|
North Central IL | Those tax cuts were in part the idea of a Stanford Economist named Laffer.
His research showed that if the tax rates were reduced on the highest brackets there would be more tax revenue generated due to increased economic
activity than was lost by lowering rates. In the end that did NOT work. His research was based on data from a few northern European where the top marginal
rates were in the 70 to 90 % area.
| |
|
What did Reagan miss?
