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 to his needs". Lenin wrote "The State and Revolution" to answer all the burning questions of the movement, and to prevent Marxism from becoming tainted by "opportunists" and "reformists", as he called them. The work is very important as it categorizes the "first phase of communist society" as socialism, with the higher phase being communism proper. The pamphlet also answers all questions and concerns of the Marxists of his time by utilizing the classic works of Marxism. When he is set to describe socialism and its economic features he turns to the authority of Marx, especially the "Critique of the