Saint of libertarian economics: Arthur Laffer

Arthur Laffer was a man I’ve looked up to until this piece.

Lion of the Blogosphere

There are many saints of economic libertarianism. For this post I profile one of them: Arther Laffer.

Laffer (still alive today) was a relatively unimportant economists, though prominent enough to be at a meeting in 1974 with Donald Rumsfeld and Dick Cheney, at which a divine miracle happened in the form of him drawing a squiggly line on a napkin which became known as the Laffer Curve which proved, once and for all, that high taxes are really really bad.

Now, to give a certain amount of fairness to Laffer’s point of view, the top marginal income tax rate in 1974 was 73%, but at the same time there was only a 35% capital gains rate, plus there were a lot of loopholes which allowed taxpayers to present their income as capital gains, and even bigger loopholes which allowed taxpayers not to show any income at all (pass-through of partnership…

View original post 587 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s