In the words of Ronald Reagan (page 54 of "The Reagan Diaries" edited by Douglas Brinkley): "Tax increases don't eliminate deficits they increase government spending." Now, get off your couch or turn from your coffee and reach for the phone or computer and contact your state representative and senator (the contact info is in the newspaper) and tell them: "You already have too much of my money. Tax increases don't eliminate deficits they increase government spending." Come on say it with me loud and clear: "Tax increases don't eliminate deficits they increase government spending." Call your friends and family. Say it out loud, say it often: "Tax increases don't eliminate deficits they increase government spending."
Most girls I went to high school with wanting nothing more than to be on the top of the cheerleading pyramid. George Farmer, on the other hand, apparently wants nothing more than to be on the top of the Laffer Curve.
Go figure.
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1 comment:
Laffer Curve?
Ya got your 1980's econ lingo mixed up. The Laffer Curve dealt with decreasing personal income taxe rates to increase overall tax revenue. Depending on who you read or talk to, it is either been proven correct (cutting personal tax rates leads to more personal income which leads to more gross tax revenue) or incorrect.
Recent times in Europe though, have shown the decreasing corporate tax rates leads to corporate expansion. Most of Europe has god-awful personal tax rates but corporate tax rates are low, and some have been cut, resulting in increased corporate expansion and relocation (from here and elsewhere in Europe). A big example is the Celtic Tiger in Ireland but other areas as well demonstrate this. Hell, even the new French leader is proposing to lower French corporate tax rates.
Business expansion leads to more jobs which leads to more personal income taxes paid (even at much of Europe's high rates) which leads to more government revenue.
Economics isn't rocket science (with apologies to my fine friends teaching both economics and physics here at UWO)!
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