The Laffer Curve at Forty

See a short Investor's Business Daily column for a succinct description of the history and workings of the famous "Laffer Curve," written by the man himself, Arthur Laffer. My favorite line:

There are two tax rates that will collect the same amount of revenue: A high tax rate on a small tax base and a low rate on a large tax base. 

Government collects the same in either case but its citizens will like Plan B much better as they'll be sharing a bigger economic "pie."