One of my favorite economists of all time is Arthur Laffer. The reason I have always enjoyed his writings lies in large part to my belief that tax policy is one of the most creative or destructive forces in the universe. Perhaps this is why I chose tax law as my profession. Mr. Laffer developed the famous Laffer Curve, which proves that at some point, higher marginal taxes will result in lower tax revenues. The basis for this premises is that high earners can take steps to legally avoid paying the taxes. Plus, at some point, there is no incentive to earn more.
Click here for Mr. Laffer’s latest Wall Street Journal editorial.