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Reagans Economic Policies A big part of Reagans Economic Policy Advisory Board was Arthur B Laffer Laffer remains one of the worlds most respected authorities in international finance and business Laffer came up with the idea that taxes were so high that they were actually cutting tax revenue by lowering the incentive to work Then Laffer drew a curve that looked much like the arch that is in Saint Louis This curve represented the revenue drawn from taxes Very few economists paid much attention to Laffers suggestion of cutting taxes to raise tax revenue but this idea was correct to economic theory They did not know if Laffers curve would actually work or not because they were not sure if tax levels had grown to such extremes that it was falling down the backside of the curve The only true way to find out was to actually test this idea and cut the current tax rate paid by Americans Laffers idea really caught the eye of Reagan One of the reasons is because Reagan had been on the concept that Laffer thought of During the wartime high tax rates caused less work and low tax rates caused more work Reagan acknowledged this and this is why he was on the Laffer curve Reagan ran for president in 1980 When he ran in the presidential election he elected cutting taxes for one of his major points of stress Reagan argued that taxes were so high they were discouraging hard work He argued that lower taxes would give people the proper incentive to work which would raise economic well being and perhaps even tax revenue A cut in tax rates was intended to increase the quantity of work supplied these were the views of Reagan and Laffer that became known as supply-side economics When Reagan was elected into office he cut taxes but this did not raise tax revenue
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