Supply-side economists, naturally, are delighted by the GOP’s newfound commitment to pushing the flat-tax, which gets rid of loopholes and offers a rate that remains consistent regardless of income for taxpayers above the poverty level.
A broader tax base helps lower rates. Supply-siders say that would reduce the incentive to manipulate the system while substantially reducing the estimated $480 billion that Americans spend each year to comply with the tax code. The result, they predict, would be an economic boom.
“There’s not one of the candidates we have running in this primary who would not change the tax codes dramatically in this direction,” Dr. Arthur B. Laffer, widely considered the father of supply-side economics, tells Newsmax. “And that makes me very proud of the Republican candidate base, to be honest with you.
“And I’m ashamed of the Democrats,” Laffer says, “because they used to be the party that opposed the Republican naysayers, the Barry Goldwaters and Bob Doles, who never saw a tax increase they didn’t love … Now, the Democrats have gone to the dark side, and we’ve got to bring them back!”