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The Growth Experiment Revisited by Lawrence Lindsey

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[11]

Of Revenue and Righteousness

“The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.”

—JEAN BAPTISTE COLBERT (1619–1683)

DESPITE THE PROGRESS OF THE 1980S THE US TAX CODE still needs reform. The Reagan tax cuts, including the Tax Reform Act of 1986, revitalized the economy but left room for improvements in our competitive posture. The tax cuts raised the tax contributions of the rich while lowering their rates, yet retained a number of provisions that favor upper-income taxpayers over lower. The tax cuts increased business investment, a benefit partly lost in 1986, but did less to encourage savings. The tax cuts made the nation wealthier but ...

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