Workers will pay a steep price for organized labor's political investment
Arthur Laffer is the economist who first postulated that higher taxes result in declining tax revenues, and lower taxes result in rising tax revenues. The American president whose policy proved that theory was John Fitzgerald Kennedy, who massively reduced taxes during his first year in office, the direct result of which was a rapid increase in government revenues.
Why did this happen? Because business boomed following the tax cuts; consumers consumed more, businesses produced more and increased wages and salaries, the ranks of the employed grew, and government coffers were the great beneficiary of this widespread prosperity.
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