WASHINGTON — President Donald Trump on Wednesday awarded the Presidential Medal of Freedom to economist Arthur Laffer, whose theories on tax cuts have guided Republican coverage for the reason that 1980s.
Trump offered the award to Laffer on Wednesday. Laffer had urged Trump all the way through his presidential marketing campaign and co-wrote a flattering e book titled “Trumponomics: Within the The united states First Plan to Revive Our Economic system.”
Laffer says decrease tax charges alternate folks’s habits and stimulate financial expansion, growing extra tax income for the federal government, no longer much less.
Quite a lot of economists disagree and don’t imagine that reducing taxes spurs expansion.
The president credit his $1.five trillion tax lower package deal for enhancing the economic system. However the federal deficit additionally soared. It is up just about 40 p.c in the course of the first 8 months of the funds yr.