- The Washington Times - Friday, May 31, 2019

President Trump will award the Medal of Freedom to Arthur Laffer, the influential supply-side economist whose theory for decades established strong incentives in Washington to cut taxes.

The White House said Friday that Mr. Trump will award the medal, the nation’s highest civilian honor, to Mr. Laffer on June 19.

Known as the “Father of Supply-Side Economics,” Mr. Laffer, 78, is one of the most influential economists in American history, the White House said. He is known for his economic theory, the “Laffer Curve,” which establishes that cuts in marginal tax rates spur investment, production, jobs, wages, economic growth, and tax compliance.

He was the first chief economist of the Office of Management and Budget, and a top economic advisor to President Ronald Reagan. Mr. Laffer also served as an adviser to the Trump campaign in 2016 and has written the book, “Trumponomics: Inside the America First Plan to Revive Our Economy,” co-written with Stephen Moore.

The Laffer curve showed that, starting from a zero tax rate, increases in tax rates will eventually decrease revenue when the tax rates become high enough. Therefore, cuts in marginal tax rates could increase tax revenues.



Mr. Trump in 2017 pushed through Congress one of the biggest tax cuts in history, cutting corporate and marginal tax rates. The action has been credited with fueling stronger economic growth, although deficits also have been increasing.

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