Heh - economist Arthur Laffer came up with the Laffer Curve which shows that there are optimum rates for taxation. Tax at 0% and you get zero returns (DOH!) - same for 100% because people will figure out all kinds of dodges. There is an optimal level and it took President Trump to implement this.
From Investor's Business Daily:
Income Tax Revenues Are Up 9% This Year — Is Trump Tax Cut Paying For Itself?
Supply-Side Economics: Democrats scoffed at Republicans who said the Trump tax cuts would at least partially pay for themselves through higher economic growth. But it looks like the GOP had it right all along, as revenues climb.
The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.
And of course, we will always have the "special" people to listen to:
But wait a minute. According to Democrats, the Trump tax cuts were supposed to blow a massive hole in the deficit.
Last November, House Minority Leader Nancy Pelosi promised that "this thing will explode the deficit."
She also said that "after the Republicans' tax plan blows a multi-trillion-dollar hole in the deficit, they will sharpen their knives for Social Security, Medicare, Medicaid, and vital job-creating investments for middle class families."
Even now, Pelosi is sticking to her guns. In June, she called it "the deficit-exploding GOP tax scam for the rich."
A perfect example of someone who is clueless and out of touch. She is not a leader. All she cares about is power and getting re-elected. Her 15 minutes were over a long long time ago - part of the problem.
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