https://www.investopedia.com/terms/l/laffercurve.asp
The first presentation of the Laffer Curve was performed on a paper napkin back in 1974, when its author was speaking with senior staff members of President Gerald Ford’s administration about the state of economic malaise that had engulfed the country. At the time, most economists were espousing a Keynesian approach to solving the problem, which advocated more government spending to stimulate demand for products. Laffer countered that the problem isn’t too little demand. Rather, it was the burden of heavy taxes and regulations that created impediments to production, which impacts government revenue.
The theory later became a cornerstone of President Ronald Reagan’s economic policy, which resulted in one of the biggest tax cuts in history. During his time in office, tax revenues received by the government increased from $517 billion in 1980 to $909 billion in 1988.
I miss the Gip.