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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (530171)	11/18/2009 11:04:22 AM
From: i-node	Read Replies (1) of 1576791

The rest is unsupported speculation that doesn't stand up to scrutiny. It isn't speculation. Like so many things in the real world of economics, we don't know the details of the function, only the general appearance of it. But we also have empirical results on which to judge its applicability. According to Laffer, there have been a total of three major periods of tax-rate cuts in the US over the last century; these are described in detail in his last book. Each of these periods are marked by "remarkable" success by "virtually any public policy metric". He also points out the rather extreme evidence presented by capital gains rate cuts. Laffer, AFAIK, doesn't put any numbers to the curve, understanding that it really isn't feasible to do so. However, there are numerous instances in the literature of people using econometric models to estimate the optimal maximum tax rate. Claiming something doesn't exist merely because you can't see it is not exactly a tried-and-true method. I wouldn't recommend it.

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