Dr. Art Laffer has been called the Father of Supply Side Economics. He was a member of President Reagan’s Economic Policy Advisory Board, and is perhaps best known for developing the Laffer curve, an illustration of the idea that there is some tax rate between 0% and 100% that will result in maximum tax revenue for the government. He served as economic advisor to Donald Trump during his 2016 campaign, and was awarded the Presidential Medal of Freedom in 2019. Today, he will discuss how the economic climate has been affected by COVID-19.
Dr. Laffer discusses two economic principles he thinks are necessary in order to understand the current economic situation. Firstly, government spending requires taxation and redistribution of resources. Secondly, he believes that redistribution always reduces income and production and therefore even though some taxation is required – especially to help those suffering hardship – government should endeavor to keep taxes as low as they can.
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