Laffer curve tax revenues significantly and contributed to the massive increase in federal debt during the 1980s.". The Laffer curve and supply-side economics inspired Reaganomics and the Kemp-Roth Tax Cut of 1981. Supply-side advocates of tax cuts claimed that lower tax rates would generate more tax revenue because the United States government's marginal income tax rates prior to the legislation were on the "right-hand" side of the curve. This assertion was derided by George H. W. Bush as "voodoo economics" while running against Reagan for the Presidential nomination in 1980. During the Reagan presidency, the top marginal rate of tax in the
From each according to his ability, to each according to his needs if any member of society has an unsatisfied need, each member has a duty to produce its object (if they can). But that is precisely what the principle ‘from each according to their abilities, to each according to their needs!’ dictates. In Marx’s vision, the basic principle of developed communism is a principle of solidarity in respect of need.' Marx delineated the specific conditions under which such a creed would be applicable—a society where technology and social organization had substantially eliminated the need for physical labor in the production of things, where "labor has become not only a means of