List of the states of usa on The graph indicated that the revenue generated by the federal government rises gradually with the higher tax rates until a certain threshold is reached. Upon reaching this threshold, the curve reverses its direction, and total revenues fall. This tax paradox applies to all tax rates above the threshold. However, no one knows where the optimum point is located or the actual shape of the curve itself.
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List Of The States Of Usa
Laffer wasn't the first economist to claim that tax cuts would increase government revenue. In 1776, economist Adam SMITH stated, High taxes, sometimes by diminishing the consumption of the taxed commodities and sometimes by encouraging smuggling, afford a smaller revenue to government than might be drawn from more moderate taxes. Although the term Laffer Curve is not widely known outside of economic circles, Laffer is credited with being the chief architect behind President Ronald REAGAN's supply-side economic plan, dubbed Reaganomics.
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