President Trump will honor economist Arthur Laffer, a former adviser to Ronald Reagan who is known as the father of supply side economics, with the Presidential Medal of Freedom
"Few people in history have revolutionized economic thought and policy like Dr. Art Laffer. He developed a brilliant theory, shaped unprecedented economic reforms and helped turn a severe recession into a remarkable boom," Trump said during an Oval Office ceremony to award Laffer with the nation's highest civilian honor.
Read MoreDespite conservatives' praise of Laffer's philosophy on taxes, the nonpartisan Congressional Research Service has repeatedly suggested that tax cuts may not be having the effect Laffer has championed. In 2014, the CRS concluded that"slower growth periods have generally been associated with lower, not higher, tax rates.
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