Special Report: What Exxon knew about the Earth's melting Arctic

Mike Lee

Sound tax policy pays dividends

It is all well and good to spout challenging ideas and theories, but the true assessment comes where the rubber meets the road or, more precisely, when the merit of any idea gets tested in the forge of real life. In 1974 economist Arthur Laffer met with Ford administration staffers Dick Cheney and Donald Rumsfeld. Laffer supposedly sketched a curve on a napkin to explain an economic concept that would come to bear his name — the Laffer curve. His graph began at a 0 percent tax with "0" revenue, increased to the greatest amount of revenue at a tax rate that's in-the-middle, and then dropped back again to "0" revenue at a 100 percent tax rate. He was making the...