Reply #3: from 2007-more to follow

[w8liftinglady]

http://www.time.com/time/magazine/article/0,9171,1692027,00.html

Tax Cuts Don't Boost Revenues

snip


But Reagan's tax cuts for the nonrich were big money losers, and it took the fiscal discipline of Bill Clinton to mop up the resulting red ink. Laffer gushes with praise for Clinton, but he's also a fan of Clinton's successor. "What Clinton did was, he gave Bush the fiscal flexibility to do what was right," Laffer says. In the face of the recession and terrorist attacks of 2001, Bush "needed to stimulate the economy and spend for defense, and Clinton gave him the ability to do that."

In other words, the Bush tax cuts were meant to create big deficits. But Laffer's O.K. with that. "The Laffer Curve should not be the reason you raise or lower taxes," he says. Perhaps not, but it does make for great campaign promises.



Read more: http://www.time.com/time/magazine/article/0,9171,1692027,00.html#ixzz0wcrSSp3g