The problem with the republican-touted version of the laffer curve is that they fail to acknowledge the "sweet spot" where taxes are minimized and returns maximized. From the republican purview, all tax cuts lead to increased revenues. This just is not true. Furthermore, the largest problem with the laffer curve is that you never really know where you stand on it, and the "sweet spot" shifts. As Lou pointed out, it is plainly obvious in hindsight that Reagan was correct in his cuts (but he squandered it anyway). However, Bush's cuts decreased revenue and were plainly incorrect - a sort of "case in point" for why the republican version of the curve is incomplete to the point of ruin.
