Laffer curve led to federal budget surpluses. The Republican party, which was then based in the protectionist industrial Northeast, argued that cutting rates would lower revenues. But the Democratic party, then rooted in the agricultural South, argued tariff reductions would increase revenues by increasing the number of taxable imports. In 2012, economists surveyed by the University of Chicago rejected the viewpoint that the Laffer Curve's postulation of increased tax revenue through a rate cut applies to federal US income taxes of the time in the medium term. When asked whether a "cut in federal income tax rates in the US right now
To each according to his contribution is derived from greater training requirements, job intensity, safety hazards, etc.—the more one is rewarded for the labor contributed. The purpose of the principle, as Trotsky would later state, is to promote productivity. This is done by creating incentives to work harder, longer, and more productively. The principle is ultimately a stowaway from capitalism that, according to Marx, will vanish as work becomes more automated and enjoyable, and goods become available in abundance. The principle has its roots in the way that capitalism manages its affairs. That is, each is rewarded according to how much he produces. Remuneration increases as