Sam Brownback budget adviser Arthur Laffer sued over Ponzi scheme
Last week, Kansas Gov. Sam Brownback released a $14 billion budget proposal that cut state spending by a reported 4 percent. Under his plan, taxpayers would pay lower taxes, but it rankled some Sunflower State residents because it wants to eliminate homeowners’ mortgage deductions and charitable deductions. It was also reported that economist Arthur Laffer, known as an early proponent of Reaganomics, advised Brownback on his budget.
Laffer is famous among economists for the “Laffer Curve,” which theorizes that lowering taxes can increase government revenue because when taxes get too high, people either won’t work or won’t pay taxes. According to The Kansas City Star, Laffer was to return to Topeka this week to talk about the budget. But that might be difficult now that Laffer has been sued for allegedly promoting a Ponzi scheme.
