Trump presents Medal of Freedom to Reagan adviser Arthur Laffer.
https://www.thebalance.com/what-is-the-laffer-curve-explanation-3305566
The Laffer Curve is a theory that states lower tax rates boost economic growth. It underpins supply-side economics, Reaganomics, and the Tea Partyโs economic policies. Economist Arthur Laffer developed it in 1979.
The Laffer Curve describes how changes in tax rates affect government revenues in two ways. One is immediate, which Laffer describes as "arithmetic." Every dollar in tax cuts translates directly to one less dollar in government revenue.
The other effect is longer-term, which Laffer describes as the "economic" effect. It works in the opposite direction. Lower tax rates put money into the hands of taxpayers, who then spend it. It creates more business activity to meet consumer demand. For this, companies hire more workers, who then spend their additional income. This boost to economic growth generates a larger tax base. It eventually replaces any revenue lost from the tax cut.
Well done!