This work later led to the creation of the euro and his prediction that leaving the Bretton Woods system would lead to "stagflation" so long as highly progressive income tax rates applied. In 1974, he advocated a drastic tax reduction and a flattening of income tax rates.
This work later led to the creation of. the euro. and his prediction that leaving the Bretton Woods system would lead to "stagflation" so long as highly progressive income tax rates applied In 1974, he advocated a drastic tax reduction and a flattening of income tax rates