Critics say the tax cuts he has espoused over the years have not produced the promised results and have instead contributed to growing income inequality and soaring budget deficits. He said his biggest accomplishment is convincing politicians that tax cuts will pay for themselves. He is sometimes referred to as the “father of supply-side economics” and his philosophy on taxes became known as “The Laffer Curve.” He said he did not invent the Laffer Curve and quoted economist John Maynard Keynes in summarizing it. “Art showed that if tax rates are too high, people stop spending and they stop investing. On the other hand, at a certain point in the curve, lower tax rates spur investment, economic growth and raise government revenue.”ARTICLE CONTINUES BELOW

Source: thestar June 19, 2019 22:40 UTC