Reaganomics the tax rate cuts would more than cover any increases in federal debt, was influenced by a theoretical taxation model based on the elasticity of tax rates, known as the Laffer curve. Arthur Laffer's model predicts that excessive tax rates actually reduce potential tax revenues, by lowering the incentive to produce; the model also predicts that insufficient tax rates (rates below the optimum level for a given economy) lead directly to a reduction in tax revenues. Reagan lifted remaining domestic petroleum price and allocation controls on January 28, 1981, and lowered the oil windfall profits tax in August 1981. He
From each according to his ability, to each according to his needs From each according to his ability, to each according to his needs "From each according to his ability, to each according to his needs" is a slogan popularised by Karl Marx in his 1875 "Critique of the Gotha Program". The principle refers to free access and distribution of goods, capital and services. In the Marxist view, such an arrangement will be made possible by the abundance of goods and services that a developed communist system will produce; the idea is that, with the full development of socialism and unfettered productive forces, there will be enough to satisfy everyone's needs. The