World on the Web, quoting Jerry Bowyer: Laffer was right; when rates go down, receipts go up. The evidence for this is that the beginning of Fiscal Year 2004 is showing higher tax revenues than the comparable period for FY 2003. It appears that the tax cut of 2003 has created higher tax receipts for 2004. For October and November of this year (which are the first two months of FY 2004 and the only two months available so far) Federal tax receipts were $9.5 billion higher than last year’s revenues of the same two months.