Laffer curve D. Rockefeller and Henry Ford. While he served as Secretary of the U.S. Treasury Department his wealth peaked at around US$300–US$400 million. Personal income-tax receipts rose from US$719 million in 1921 to over US$1 billion in 1929, an average increase of 4.2% per year over an 8-year period, which supporters attribute to the rate cut. David Hume also expressed similar arguments in his essay "Of Taxes" in 1756, as did fellow Scottish economist Adam Smith, twenty years later. The Democratic party made a similar argument in the 1880s when high revenue from import tariffs raised during the Civil War (1861–1865)
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