Dan Mitchell of the Cato institute is a friend of mine, and he has just posted this little video explaining one of the basics of modern taxation policy.
Just a shame that our own politicians don't seem to understand it.
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Has Minford come round to supporting this yet? He was, uncharacteristically, very sceptical of the extent to which the Laffer curve operates in practice.
There is reason that in the US, it is called the Laffer Curve. It is right up there with Trickle Down Economics.
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