It is one of the great stumbles of American political discourse: Laffer spawned trickle down supply side economics. The reality is that his napkin scribbles simply pointed out that at zero percent taxation, revenues would be zero, and at 100 percent taxation, also zero. Between those two zeros, a bell shaped curve demonstrated that somewhere, roughly in the middle, was a maximum revenue stream. The task was to determine what the corresponding tax rate would be. If it were agreed that we were too far to the right, wed have to cut taxes to get back to maximum...if too far to the left, wed have to raise them. Granted, the plutocrats, represented by the GOP, hijacked what should have been a much more detailed and in depth national discussion, and the fix was in: too-high taxes was the verdict. Weve never recovered from the suppression of that discussion.
Posted on: Mon, 01 Dec 2014 02:19:45 +0000
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