"Data from the Reagan presidency, the last time supply side economics actually was applied, confirms that tax rate reductions were followed by significant improvements in employment, output, and income."

THE MOST INTERESTING aspect of I Steve Forbes' campaign for the 1996 Republican presidential nomination was the media's reaction to his proposal to scrap the voluminous income tax code in favor of a simple flat tax. The term "flat tax" was mentioned frequently in the evening recap of campaign activities, but the plan's nuts and bolts seldom were the subject of detailed analysis.

The media's ...

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