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Trump’s tax plan: having a laugh on Laffer

The US government believes that tax cuts will be self-funding. The evidence does not support this

By George Magnus  

US President Donald Trump and Vice President Mike Pence ©UK & Ireland, Editorial Use Only

In the National Museum of American History, there is an exhibit of a white cloth napkin taken from a Washington DC restaurant in 1974. The reason it is there because it is adorned with a graph and some scribbling that came to have a profound effect on economic thinking. The diners were Dick Cheney, Donald Rumsfeld, Jude Wanniski, and a 34-year-old economist called Art Laffer who gave his name to the curve on the…

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