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 Marx's terminology), the Soviet Union adapted the formula as: "From each according to his ability, to each according to his work (labour investment)". While liberation theology has sought to interpret the Christian call for justice in a way that is in harmony with this Marxist dictum, many have noted that Jesus' teaching in the "Parable of the Talents" (Matthew 25:14–30) affirms only "TO each according to his ability" (Matt. 25:15), and not "FROM each according to his ability". From each according to his ability, to each according to his needs "From each according to his ability, to each according to