Laffer on Reaganomics

"Reaganomics: What We Learned" is the headline over a piece in the Wall Street Journal by Arthur Laffer: "Reagan knew from personal experience in making movies that once he was in the highest tax bracket, he'd stop making movies for the rest of the year. In other words, a lower tax rate could increase revenues. And so it was with his tax cuts. The highest 1% of income earners paid more in taxes as a share of GDP in 1988 at lower tax rates than they had in 1980 at higher tax rates."