Raising taxes on the rich is misguided
![Dr Arthur Laffer says raising taxes on the rich isn't just misguided, but costly to the broader economy.](/content/dam/images/1/m/1/c/m/x/image.related.afrIndexLead.320x210.1m05zm.119nbo.png/1426595357922.jpg)
The economist who inspired US president Ronald Reagan's tax cuts in the 1980s has suggested Joe Hockey's attempt to narrow the budget deficit by raising taxes on higher income earners will backfire. "Rich people are different from us," Art laffer said.