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
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