Laffer curve led to federal budget surpluses. The Republican party, which was then based in the protectionist industrial Northeast, argued that cutting rates would lower revenues. But the Democratic party, then rooted in the agricultural South, argued tariff reductions would increase revenues by increasing the number of taxable imports. In 2012, economists surveyed by the University of Chicago rejected the viewpoint that the Laffer Curve's postulation of increased tax revenue through a rate cut applies to federal US income taxes of the time in the medium term. When asked whether a "cut in federal income tax rates in the US right now
To each according to his contribution so, "accordingly, the individual producer receives back from society — after the deductions have been made — exactly what he gives to it". He explains this as: In the paragraph immediately following Marx continues to explain how this system of exchange is related to the capitalist system of exchange: Marx says that this is rational and necessary, and that once society advances from the lower phase of communist society and work becomes life's prime want, distribution will occur along different lines. During the higher phase of communism, the standard shall be "from each according to his ability, to each according