• Prompt: Assume that the current U.S. legislature has adopted a policy similar to the Laffer Economic Policy (discussed in the textbook), which means that they are pursuing tax reductions with the expectation that such reductions will promote economic growth. The legislature enacts a series of reforms to the tax code that reduces the top tax bracket to 20% and that eliminates deductions that are largely favorable to the working class, such as child tax credits, student loan interest deductions, and mortgage deductions. The corporate tax rate is reduced to 15%. They believe that the lower tax rates for those who would invest in the economy namely, the wealthy will encourage new investments and create jobs. Discuss the following: (1) If you were a legislator who did not support this approach, what would be your central argument against the tax reform? (2) If you were a legislator who voted in favor of this reform, what argument would you make to your constituents to justify the increased taxes for the working class? (3) If you were asked at a global economic forum how this approach would make your country more competitive in world markets, what argument would you make to convince world leaders of the wisdom of this approach?