Supply-side economics that Nixon abandoned. The Laffer curve embodies a postulate of supply-side economics: that tax rates and tax revenues are distinct, with government tax revenues the same at a 100% tax rate as they are at a 0% tax rate and maximum revenue somewhere in between these two values. Supply-siders argued that in a high tax rate environment lowering tax rates would result in either increased revenues or smaller revenue losses than one would expect relying on only static estimates of the previous tax base. This led supply-siders to advocate large reductions in marginal income and capital gains tax rates to
To each according to his contribution that the citizens of a workers' society should be rewarded according to individual contributions, Marx claims that giving them the "full product" of their labor is impossible as some of the proceeds will be needed to maintain infrastructure and so forth. He then explains the nature of a communist society in its lower phase ("socialist society"), which does not emerge from its own foundations "but, on the contrary, just as it emerges from capitalist society; which is thus in every respect, economically, morally, and intellectually, still stamped with the birthmarks of the old society from whose womb it emerges". And