"A white cloth napkin, now displayed in the National Museum of American History, helped change the course of modern economics." - Hallo friendsINFO TODAY, In the article you read this time with the title "A white cloth napkin, now displayed in the National Museum of American History, helped change the course of modern economics.", We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article economy, Article health, Article hobby, Article News, Article politics, Article sports, We write this you can understand. Alright, good read.

Title : "A white cloth napkin, now displayed in the National Museum of American History, helped change the course of modern economics."
link : "A white cloth napkin, now displayed in the National Museum of American History, helped change the course of modern economics."

"A white cloth napkin, now displayed in the National Museum of American History, helped change the course of modern economics."

"On it, the economist Arthur Laffer in 1974 sketched a curve meant to illustrate his theory that cutting taxes would spur enough economic growth to generate new tax revenue. More than 40 years after those scribblings, President Trump is reviving the so-called Laffer curve as he announces the broad outlines of a tax overhaul on Wednesday. What the first President George Bush once called 'voodoo economics' is back, as Mr. Trump’s advisers argue that deep cuts in corporate taxes will ultimately pay for themselves with an explosion of new business and job creation. The exact contours of the plan remained murky and Mr. Trump will not produce a fully realized proposal on Wednesday. But what the president has called a tax reform plan is looking more like a tax cut plan, showering taxpayers with rate reductions without offsetting the full cost by closing loopholes or raising taxes elsewhere. In the short run, such a plan would add many billions of dollars to the national deficit. Mr. Trump contends that it will be worth it in the long run. 'The tax plan will pay for itself with economic growth,' Steven Mnuchin, the Treasury secretary and main architect of the plan, told reporters this week."

From "Arthur Laffer’s Theory on Tax Cuts Comes to Life Once More," by Peter Baker (in the NYT).

Here's the famous napkin:



From the museum website:

Displeased with President Gerald Ford’s decision to raise taxes to control inflation, four men got together at a Washington, DC restaurant to think about alternatives. Laffer was joined by journalist Jude Wanniski and politicians Dick Cheney and Don Rumsfeld. Laffer argued that lowering taxes would increase economic activity. Wanniski popularized the theory, and politicians Don Rumsfeld and Dick Cheney carried it out.

And by "it" the museum means the theory. The "it" that is the napkin was carried out by Jude Wanniski.

By the way, who draws on a cloth napkin?

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