Laffer curve - Knowledge

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been several real-life trials of modelling the Laffer curve and its consequent application, which have resulted in the finding that tax rates, which are actually utilised by the governing body, are to the left of the Laffer curve turning point, which would maximise tax revenue. More significantly, the result of several experiments, which tried to adjust the tax rate to the one proposed by the Laffer curve model, resulted in a significant decrease in national tax revenue - lowering the economy's tax rate led to an increase in the government budget deficit. The occurrence of this phenomena is most famously attributed to the Reagan administration (1981-1989), during which the government deficit increased by approx. $ 2 trillion.

57: 2605:). While the interaction between tax rates and tax revenue is generally accepted, the precise nature of this interaction is debated. In practice, the shape of a hypothetical Laffer curve for a given economy can only be estimated. The relationship between tax rate and tax revenue is likely to vary from one economy to another and depends on the elasticity of supply for labor, as well as various other factors. Even in the same economy, the characteristics of the curve could vary over time. Complexities such as 2181:. Laffer was paid $ 75,000 to advise in the creation of Brownback's tax cut plan, and gave Brownback his full endorsement, stating that what Brownback was doing was "truly revolutionary." The state, which had previously had a budget surplus, experienced a budget deficit of about $ 200 million in 2012. Drastic cuts to state funding for education and infrastructure followed before the tax cut was repealed in 2017 by a bipartisan super majority in the Kansas legislature. 2105:

estimated growth scenario, only 28% of the projected lost revenue from the lower tax rate would be recouped over a 10-year period after a 10% across-the-board reduction in all individual income tax rates. In other words, deficits would increase by nearly the same amount as the tax cut in the first five years, with limited feedback revenue thereafter. Through increased budget deficits, the tax cuts primarily benefiting the wealthy will be paid for—plus interest—by

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and services at lower prices. Typical supply-side policy would advocate generally lower income tax and capital gains tax rates (to increase the supply of labor and capital), smaller government and a lower regulatory burden on enterprises (to lower costs). Although tax policy is often mentioned in relation to supply-side economics, supply-side economists are concerned with all impediments to the supply of goods and services and not just taxation.

1896: 1665: 2282:, he writes: "he whole California gang had taken literally (and primitively). The way they talked, they seemed to expect that once the supply-side tax cut was in effect, additional revenue would start to fall, manna-like, from the heavens. Since January, I had been explaining that there is no literal Laffer curve." Stockman also said that "Laffer wasn't wrong, he just didn't go far enough" (in paying attention to government spending). 1653: 2350: 33: 2025: 2364: 2346:, in reality the bell-shaped curve may be skewed or lop-sided to either side of the 'maximum'. Within the reality of complex and sudden changes to tax policy over time, the response of tax revenue to tax rates may vary dramatically and is not necessarily even continuous over time, when for example new legislation is enacted which abruptly changes tax revenue expectations. 2657:

farther right than thought. The reason for this result is that if producers with low productive abilities (high production costs) tend to have strong avoidance abilities as well, a uniform tax on producers actually becomes a tax that discriminates on the ability to pay. However, if avoidance abilities and productive abilities are unrelated, then this result disappears.

2278:, Ronald Reagan's budget director during his first administration and one of the early proponents of supply-side economics, was concerned that the administration did not pay enough attention to cutting government spending. He maintained that the Laffer curve was not to be taken literally—at least not in the economic environment of the 1980s United States. In 1887:'s tax increase, reportedly sketched the curve on a napkin to illustrate the concept. Cheney did not accept the idea immediately, but it caught the imaginations of those present. Laffer professes no recollection of this napkin, but writes: "I used the so-called Laffer Curve all the time in my classes and with anyone else who would listen to me". 2299:

Congressional Budget Office showed average household income rising 68.8% for the bottom quintile after government transfers (in the form of various income support and in-kind programmes, subsidies, and taxes) from 1979 to 2014. This same study showed the middle quintile's income rising 41.5% after government transfers and taxes.

2169:, which postulates that US federal revenues, as a percentage of GDP, have remained stable at approximately 19.5% over the period 1950 to 2007 despite changes in marginal tax rates over the same period. Others however, have called Hauser's Law "misleading" and contend that tax changes have had large effects on tax revenues. 2037:

Pecorino presented a model in 1995 that predicted the peak of the Laffer curve occurred at tax rates around 65%. A draft paper by Y. Hsing looking at the United States economy between 1959 and 1991 placed the revenue-maximizing average federal tax rate between 32.67% and 35.21%. A 1981 article published in the

2121:. While incorporating additional tax detail within the modeling framework relative to previous analyses, the paper similarly estimates that this policy change would result in increased budget deficits - both in the short- and long-run - after accounting for revenue feedback from macroeconomic changes. 2660:

Generally, among other criticisms, the Laffer curve has been scrutinised as intangible and inapplicable in the real world, i. e. in a real national economy. On the contrary, diligent application of the Laffer curve in the past has actually led to controversial outcomes. Since its proposal, there have

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The Democratic party embraced this argument in the 1880s when high revenue from import tariffs raised during the Civil War (1861–1865) led to federal budget surpluses. The Republican party, which was then based in the protectionist industrial Northeast, argued that cutting rates would lower revenues.

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Supply-side economics is a school of macroeconomic thought that argues that overall economic well-being is maximized by lowering the barriers to producing goods and services (the "Supply Side" of the economy). By lowering such barriers, consumers are thought to benefit from a greater supply of goods

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estimated a 70% revenue maximizing rate, and estimated that the US and most European economies were on the left of the Laffer curve (in other words, that raising taxes would raise further revenue). A 2005 study concluded that with the exception of Sweden, no major OECD country could increase revenue

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At a 0% tax rate, the model states that no tax revenue is raised. The "economic effect" assumes that the tax rate will affect the tax base itself. At the extreme of a 100% tax rate, the government collects zero revenue because taxpayers change their behavior in response to the tax rate: either they

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actively used the Laffer curve "to lower taxes on the affluent". Some critics point out that tax revenues almost always rise every year, and during Reagan's two terms increases in tax revenue were more shallow than increases during presidencies where top marginal tax rates were higher. Critics also

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Laffer assumes that the government's revenue is a continuous function of the tax rate. However, in some theoretical models, the Laffer curve can be discontinuous, leading to an inability to devise a revenue-maximizing tax rate solution. Additionally, the Laffer curve depends on the assumption that

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Laffer presented the curve as a pedagogical device to show that in some circumstances, a reduction in tax rates will actually increase government revenue and not need to be offset by decreased government spending or increased borrowing. For a reduction in tax rates to increase revenue, the current

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of 2001–2003 beyond their 2010 expiration would increase deficits by $ 1.8 trillion over the following decade. Economist Paul Krugman contended that supply-side adherents did not fully believe that the United States income tax rate was on the "backwards-sloping" side of the curve and yet they

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and Robert T. McGee developed a macroeconomic model from which they derived a Laffer curve. According to the model, the shape and position of the Laffer curve depend upon the strength of supply side effects, the progressivity of the tax system and the size of the unobserved economy. Economist Paul

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This led supply-siders to advocate large reductions in marginal income and capital gains tax rates to encourage greater investment, which would produce more supply. Jude Wanniski and many others advocate a zero capital gains rate. The increased aggregate supply would result in increased aggregate

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Wanniski noted that all economic activity would be unlikely to cease at 100% taxation, but it would switch from the exchange of money to barter. He also noted that there can be special circumstances in which economic activity can continue for a period at a near 100% taxation rate (for example, in

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wrote: "It seems difficult for some to understand that high rates of taxation do not necessarily mean large revenue to the government, and that more revenue may often be obtained by lower rates". Exercising his understanding that "73% of nothing is nothing", he pushed for the reduction of the top

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of the time in the medium term. When asked whether a "cut in federal income tax rates in the US right now would raise taxable income enough so that the annual total tax revenue would be higher within five years than without the tax cut", none of the economists surveyed agreed and 71% disagreed.

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taking place. It is possible that if all producers are endowed with two survival factors in the market (ability to produce efficiently and ability to avoid tax), then the revenues raised under tax avoidance can be greater than without avoidance, and thus the Laffer curve maximum is found to be

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is equal to the sum of elasticity of the tax base plus one all multiplied by the tax base. Thus as elasticity surpasses one absolute value, revenues begin to fall. The problem is similar to that of the monopolist who must never increase prices beyond the point at which the elasticity of demand

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said, "To the extent that there was an economic response to the Reagan tax cuts, and to those of George W. Bush twenty years later, it seems largely to have been a Keynesian demand-side response, to be expected when governments provide households with additional net income in the context of a

1746:, the curve is typically represented as a graph that starts at 0% tax with zero revenue, rises to a maximum rate of revenue at an intermediate rate of taxation, and then falls again to zero revenue at a 100% tax rate. However, the shape of the curve is uncertain and disputed among economists. 2104:

effects of tax policies, that is, it attempts to account for how reductions in individual income tax rates might affect the overall future growth of the economy, and therefore influence future government tax revenues; and ultimately, impact deficits or surpluses. In the paper's most generous

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countries, with top income-tax rates maximising tax revenue ranging from 60 to 61% (Austria, Luxembourg, Netherlands, Poland, Sweden) to 74–76% (Germany, Switzerland, UK, US). Most countries appear to have set their highest tax rates below the peak rate, while five countries are exceeding it

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Supply-side economics indicates that the simple descriptions of the Laffer curve are usually intended for pedagogical purposes only and do not represent the complex economic responses to tax policy which may be observed from such viewpoints as provided by supply-side economics. Although the

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for the rest of the population. This assertion is supported by studies that show the income of the top 1% nearly doubling during the Reagan years, while income for other income levels increased only marginally; income actually decreased for the bottom quintile. However, a 2018 study by the

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The Laffer curve as presented is simplistic in that it assumes a single tax rate and a single labor supply. Actual systems of public finance are more complex, and there is serious doubt about the relevance of considering a single marginal tax rate. In addition, revenue may well be a

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Figure compares the Laffer curve under the assumption that firms do not respond to changes in the tax rate (Naïve) to the Laffer curve when firms adjust their prices (Firm Response) as estimated in Miravete, Seim, & Thurk (2018). The tax revenue-maximizing rates are indicated in

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percentage greater than 0% and less than 100%. Similarly, the curve is often presented as a parabolic shape, but there is no reason that this is necessarily the case. The effect of changes in tax can be cased in terms of elasticities, where the revenue-maximizing elasticity of the

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have used the Laffer curve to argue that lower taxes may increase tax revenue. However, the hypothetical maximum revenue point of the Laffer curve for any given market cannot be observed directly and can only be estimated—such estimates are often controversial. According to

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lose their incentive to work, or they find a way to avoid paying taxes. Thus, the "economic effect" of a 100% tax rate is to decrease the tax base to zero. If this is the case, then somewhere between 0% and 100% lies a tax rate that will maximize revenue.

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paper, Miravete, Seim, and Thurk, show that in non-competitive markets, the strategic pricing response of firms is important to consider when estimating the Laffer curve. The authors show that firms increase their prices in response to a decrease in the

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Laffer curve: t* represents the rate of taxation at which maximal revenue is generated. The grey curve is as drawn by Laffer; however, the curve might not have only a single peak, nor must it peak symmetrically at whatever value maximizes tax revenue,

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suggested that lower local taxes in Ireland would increase the amount of taxes successfully collected towards relief. An analysis of actual collection rates has indicated that areas with higher rates did collect a lesser proportion of the tax due.

1915:(1751) that "It is an enormous error ... to believe that an impost always yields more revenue as it becomes heavier". He gave the example of a toll on late-night entry to a town which would be less remunerative if set unreasonably high. 2229:

state "The Laffer curve shows the relationship between tax rates and tax revenues. Supply-side economists use it to argue that it is possible to generate higher revenues by cutting tax rates, but evidence does not appear to support this."

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Supply-side economics rose in popularity among Republican Party politicians from 1977 onwards. Prior to 1977, Republicans were more split on tax reduction, with some worrying that tax cuts would fuel inflation and exacerbate deficits.

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One of the conceptual uses of the Laffer curve is to determine the rate of taxation that will raise the maximum revenue (in other words, "optimizing" revenue collection). The revenue maximizing tax rate should not be confused with the

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Supply-siders argue that in a high tax rate environment, lowering tax rates would result in either increased revenues or smaller revenue losses than one would expect relying on only static estimates of the previous tax base.

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and possible differences in the incentive to work for different income groups complicate the task of estimation. The structure of the curve may also be changed by policy decisions. For example, if tax loopholes and

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income tax bracket from 73% to an eventual 24% (as well as tax breaks for lower brackets). Mellon was one of the wealthiest people in the United States, the third-highest income-tax payer in the mid-1920s, behind

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as "voodoo economics" while running against Reagan for the Presidential nomination in 1980. During the Reagan presidency, the top marginal rate of tax in the United States fell from 70% to 28%.

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presented a model integrating empirical data that indicated that the point of maximum tax revenue in Sweden in the 1970s would have been 70%. A 2011 study by Trabandt and Uhlig published in the

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Graphical representations of the curve sometimes appear to put the rate at around 50%, if the tax base reacts to the tax rate linearly, but the revenue-maximizing rate could theoretically be

2016:, which examined major changes in high income tax rates in the United States from the 1920s onwards found no evidence that the United States was to the right of the peak of the Laffer curve. 1728:. The Laffer curve assumes that no tax revenue is raised at the extreme tax rates of 0% and 100%, meaning that there is a tax rate between 0% and 100% that maximizes government tax revenue. 1959:. While he served as Secretary of the U.S. Treasury Department his wealth peaked at around US$ 300–400 million. Personal income tax receipts rose from US$ 719 million in 1921 to over US$ 1 2109:. The paper points out that these projected shortfalls in revenue would have to be made up by federal borrowing: the paper estimates that the federal government would pay an extra US$ 200 2100:

in the US (for example, if those facing a 25% marginal federal income tax rate had it lowered to 22.5%). Unlike earlier research, the CBO paper estimates the budgetary impact of possible

3885: 1760:, estimates of revenue-maximizing income tax rates have varied widely, with a mid-range of around 70%. The shape of the Laffer curve may also differ between different global economies. 2504:

effect" and an "economic effect". The "arithmetic effect" assumes that tax revenue raised is the tax rate multiplied by the revenue available for taxation (or tax base). Thus revenue

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One implication of the Laffer curve is that increasing tax rates beyond a certain point is counter-productive for raising further tax revenue. Particularly in the United States,

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of tax rate; for instance, an increase in tax rate to a certain percentage may not result in the same revenue as a decrease in tax rate to the same percentage (a kind of

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estimated the cost of the tax reduction to be about £100 million (out of an income for this group of around £90 billion), but with large uncertainty on both sides.

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tax rate would need to be higher than the revenue maximizing rate. In 2007, Laffer said that the curve should not be the sole basis for raising or lowering taxes.

1783:, who was also present at the meeting. The basic concept was not new; Laffer himself notes antecedents in the writings of the 14th-century social philosopher 2318: 2955: 3255:

How Does the Elasticity of Taxable Income Affect Economic Efficiency and Tax Revenues and what Implications Does this have for Tax Policy Moving Forward?

1979:, a substantial majority of economists reject the proposition that income taxes are so high in the United States that tax cuts will pay for themselves. 4635: 3859: 2117:

revisited the macroeconomic and budgetary response to the stylized 10% reduction in statutory ordinary income tax rates, but from the levels set by

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rate, which economists use to describe tax rates in a tax system that raises a given amount of revenue with the fewest distortions to the economy.

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Romer, Christina D; Romer, David H (June 1, 2010). "The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks".

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are made more readily available by legislation, the point at which revenue begins to decrease with increased taxation is likely to become lower.

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with rates lower than 35% around the same time that their economies started growing. He has similarly referred to the economic outcome of the

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tax revenue is used to provide a public good that is separable in utility and separate from labor supply, which may not be true in practice.

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commented that Britain was "strolling across the summit of the Laffer curve", implying that UK tax rates had been close to the optimum rate.

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Various efforts have been made to quantify the relationship between tax revenue and tax rates (for example, in the United States by the

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A basic representation of a Laffer curve, plotting government revenue (R) against the tax rate (t) and showing the maximum revenue at t*

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An asymmetric Laffer curve with a maximum revenue point at around a 70% tax rate, as estimated by Trabandt and Uhlig (2011)

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rejected the viewpoint that the Laffer curve's postulation of increased tax revenue through a rate cut applies to federal

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Burns, John W.; Taylor, Andrew J. (2000). "The Mythical Causes of the Republican Supply-Side Economics Revolution".

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of 1981. Supply-side advocates of tax cuts claimed that lower tax rates would generate more tax revenue because the

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Feige, Edgar L.; McGee, Robert (1982). "Supply Side Economics and the Unobserved Economy: The Dutch Laffer Curve".

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reports that a comparison of academic studies yields a range of revenue maximizing rates that centers around 70%.

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in 1929, an average increase of 4.2% per year over an 8-year period, which supporters attribute to the rate cut.

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Feige, Edgar; McGee, Robert (1982). "Supply Side Economics and the Unobserved Economy: The Dutch Laffer Curve".

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Pecorino, Paul (1995). "Tax rates and tax revenues in a model of growth through human capital accumulation".

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reportedly sketched the curve on a napkin to illustrate his argument. The term "Laffer curve" was coined by

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The Laffer curve was popularized in the United States with policymakers following an afternoon meeting with

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Gahvari, Firouz (1989). "The nature of government expenditures and the shape of the laffer curve".

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simplified Laffer curve is usually illustrated as a straightforward symmetrical and continuous

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Gahvari, F (1989). "The nature of government expenditures and the shape of the laffer curve".

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Laffer states that he did not invent the concept, citing numerous antecedents, including the

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Some have criticized elements of Reaganomics on the basis of equity. For example, economist

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Palda, Filip (1998). "Evasive Ability and the Efficiency Cost of the Underground Economy".

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Feige, Edgar L.; McGee, Robert (1982). "The Unobserved Economy and the UK Laffer Curve".

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Fullerton, Don (2008). "Laffer curve". In Durlauf, Steven N.; Blume, Lawrence E. (eds.).

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Following the reduction of the top rate of income tax in the UK from 50% to 45% in 2013,

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The Laffer curve has also been extended to taxation of goods and services. In their 2018

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in interest over the decade covered by the paper's analysis. In 2019, economists at the

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Gellman, Barton, 258. Angler: The Cheney Vice Presidency, Penguin Press, New York 2008.

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Laffer has presented the examples of Russia and the Baltic states, which instituted a

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Laffer's name began to be associated with the idea after an article was published in

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Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates

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Laffer explains the model in terms of two interacting effects of taxation: an "

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still advocated lowering taxes to encourage investment of personal savings.

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Stuart, C. E. (1981). "Swedish Tax Rates, Labor Supply, and Tax Revenues".

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changes in response to changes in the rate of taxation. As popularized by

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Representation of the relationship between taxation and government revenue

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Solman explores the relationship between economic activity and tax rates.

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Hsing, Y. (1996). "Estimating the Laffer Curve and Policy Implications".

3344:"Evidence on the High-Income Laffer Curve from Six Decades of Tax Reform" 2611: 2595: 2372: 2249: 2239: 1989: 1884: 1876: 1833: 1784: 1768: 1725: 1178: 916: 876: 794: 730: 676: 612: 438: 428: 372: 252: 153: 148: 106: 91: 4252: 3474: 3610: 3511: 3502: 3395:

Trabandt, Mathias; Uhlig, Harald (2011). "The Laffer Curve Revisited".

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with respect to the tax is equal to 1. This is done by differentiating

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recalled a 1974 dinner meeting at the Two Continents Restaurant in the

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1994). The World Economy Since The Wars. A Personal View, p. 232.

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Systems of general sales taxation : theory, policy and practice

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greatly reduced state tax rates in 2012 in what has been called the

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depressed economy." A 1999 study by University of Chicago economist

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Miravete, Eugenio J.; Seimb, Katja; Thurk, Jeff (September 2018).

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There are historical precedents other than those cited by Laffer.

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The Congressional Budget Office has estimated that extending the

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More recently, based on Laffer curve arguments, Kansas Governor

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from 1921 to 1932, articulated a similar policy idea in 1924.

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Malcomson, J (1986). "Some analytics of the laffer curve".

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Ibn Khaldun, a 14th-century philosopher, wrote in his work

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The Great Famine in Ireland and Britain's financial crisis

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The Triumph of Politics: Why the Reagan Revolution Failed

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Economic Growth and Tax Relief Reconciliation Act of 2001

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and grouping terms to reveal that the rate of change of

4312: 4310: 2824: 2822: 2820: 2621: 2087: 1731:

The shape of the curve is a function of taxable income

4611:

Jude Wanniski, "Taxes, Revenues, and the 'Laffer Curve

2744:. Springer Science & Business Media. p. 83. 2358: 2319:

Jobs and Growth Tax Relief Reconciliation Act of 2003

1013:

European Union Common Consolidated Corporate Tax Base

4307: 2817: 3127:. Woodbridge: The Boydell Press. pp. 193–196. 3670: 3162:New York: A. A. Knopf, 2006. pp. 48–49, 165, 349. 3007:Shiller, Robert J. (2017). "Narrative Economics". 2268:side of the curve. This assertion was derided by 2061: 4646: 3631: 2862:Trabandt, Mathias; Uhlig, Harald (May 1, 2011). 2631:demand, hence the term "supply-side economics". 3632:Heijman, W. J. M.; van Ophem, J. A. C. (2005). 3083: 3081: 2799: 2194: 1716:illustrates a theoretical relationship between 4101:"Supply-Side Economics and Austrian Economics" 3286: 2899: 2897: 2468:is a maximum or a minimum and the gradient at 2107:taxes borne relatively evenly by all taxpayers 2004:(Austria, Belgium, Denmark, Finland, Sweden). 4439: 4336: 3818: 3468: 3466: 3394: 2952:"The Laffer Curve: Past, Present, and Future" 2861: 2020:Income tax rate at which revenue is maximized 1724:and the resulting levels of the government's 1689: 4396:"The Laffer Curve, Past, Present and Future" 3526: 3280: 3078: 2185: 2161:, the 1920s tax cuts, and the changes in US 1859:in 1978 that linked him to the idea. In the 4056: 3313:. Princeton University Press. p. 142. 3183:, p. 103. Young America's Foundation, 2007. 2894: 2709:Under the assumption that the revenue is a 1811:The Laffer Curve: Past, Present, and Future 4387: 4113: 3773: 3472: 3463: 3442: 3423: 2942: 2940: 2938: 2936: 2934: 2932: 2930: 2928: 2926: 2758: 2741:The Supply-Side Effects of Economic Policy 2737: 2294:point out that since the Reagan tax cuts, 1975:According to Harvard University economist 1923:in 1756, as did fellow Scottish economist 1696: 1682: 4624:Arthur Laffer describing the Laffer Curve 4468: 4423:"How Supply-Side Economics Trickled Down" 4398:. The Heritage Foundation. Archived from 4197: 4009:"The brain behind the Brownback tax cuts" 3983: 3819:Moore, Rachel; Pecoraro, Brandon (2020). 3787: 3688: 3553: 3501: 3390: 3388: 3228: 3149: 2976: 2828: 1919:expressed similar arguments in his essay 1205:Institute on Taxation and Economic Policy 4420: 4179: 4158: 3532: 3341: 3090:"Taxes, Revenues and the 'Laffer Curve'" 3087: 2970: 2831:The New Palgrave Dictionary of Economics 2731: 2362: 2348: 2165:structure in 1997. Some have also cited 2065: 2055:The New Palgrave Dictionary of Economics 2023: 1894: 1757:The New Palgrave Dictionary of Economics 31: 4495: 4006: 3883: 3473:Feige, Edgar L.; McGee, Robert (1983). 3308: 3251: 3210: 3006: 2923: 2764: 14: 4647: 4559: 4393: 3965: 3937:"Hauser's Law is Extremely Misleading" 3934: 3909: 3741: 3739: 3586: 3385: 3245: 2296:income has not significantly increased 4522: 4107: 4038: 4026: 3961: 3959: 3957: 3559: 3482:The Scandinavian Journal of Economics 3351:Brookings Papers on Economic Activity 3095:. The Public Interest. Archived from 3002: 3000: 2998: 2958:from the original on February 7, 2017 2331: 2264:prior to the legislation were on the 1982: 4134:"Reagonomics or 'voodoo economics'?" 4000: 3120: 2622:The supply-side dynamic Laffer curve 2088:Congressional Budget Office analysis 1966:In 2012, economists surveyed by the 4560:Morgan, Jamie (February 17, 2021). 4365: 4218:"Tax cuts increase tax collections" 3966:Alvord, Daniel R. (March 1, 2020). 3857: 3736: 3673:"Market Power and the Laffer Curve" 3289:"The Laffer curve for high incomes" 2050:by reducing the marginal tax rate. 24: 4159:Stockman, David (March 26, 2013). 3954: 3935:Kimmel, Mike (November 30, 2010). 3717:. December 1, 2005. Archived from 3457:10.1111/j.1468-0270.1982.tb01459.x 3302: 3287:Jacob Lundberg (August 31, 2017). 3035: 2995: 2946: 2907:. Polyconomics.com. Archived from 2359:The simplified static Laffer curve 25: 4691: 4604: 4421:Bartlett, Bruce (April 6, 2007). 4187:"The Education of David Stockman" 4116:Economisch Statistische Berichten 4007:Shields, Mike (August 14, 2012). 3884:Maugham, Jolyon (March 1, 2016). 3426:Economisch Statistische Berichten 2977:Brederode, Robert F. van (2009). 2804:, Cengage Learning, p. 341, 2717:states that a maximum must exist. 2336: 2124: 1020:Global minimum corporate tax rate 4366:Fox, Justin (December 6, 2007). 4276:. March 21, 2007. Archived from 3252:Seth A., Giertz (May 30, 2008). 2302: 2139:Office for Budget Responsibility 1663: 1651: 485:Base erosion and profit shifting 55: 4553: 4516: 4489: 4462: 4433: 4414: 4394:Laffer, Arthur (June 1, 2004). 4368:"Tax Cuts Don't Boost Revenues" 4359: 4330: 4295: 4263: 4210: 4152: 4126: 4093: 4050: 3928: 3903: 3877: 3851: 3812: 3767: 3704: 3664: 3625: 3580: 3445:The Journal of Economic Affairs 3436: 3417: 3335: 3204: 3186: 3173: 3114: 3062: 3053: 2738:L.H. Meyer (December 6, 2012). 2590:exceeds one in absolute value. 1999:estimated Laffer curves for 27 1995:In 2017, Jacob Lundberg of the 1946:In 1924, Secretary of Treasury 263:Optimal capital income taxation 4165:. PublicAffairs. p. 289. 3638:The Journal of Socio-Economics 3309:Quiggin, John (May 21, 2012). 2855: 2793: 2703: 2233: 2062:Taxation of goods and services 1343:List of countries by tax rates 13: 1: 4586:10.1080/14747731.2020.1760420 4526:Canadian Journal of Economics 3837:10.1016/j.econmod.2019.07.007 3574:10.1016/S1053-5357(96)90013-X 3535:Journal of Monetary Economics 3411:10.1016/j.jmoneco.2011.07.003 3398:Journal of Monetary Economics 3181:The Myth of the Robber Barons 2880:10.1016/j.jmoneco.2011.07.003 2868:Journal of Monetary Economics 2833:(2nd ed.). p. 839. 2724: 2713:of the rate of taxation, the 2634: 2046:Journal of Monetary Economics 1890: 768:Natural resources consumption 4510:10.1016/0047-2727(89)90006-6 4483:10.1016/0047-2727(86)90029-0 3831:. Economic Modeling: 72–91. 3590:Journal of Political Economy 3547:10.1016/0304-3932(95)01224-9 3217:Comparative Economic Studies 2864:"The Laffer curve revisited" 2779:10.1016/0047-2727(89)90006-6 2209:In their economics textbook 2195:Use in supply-side economics 2040:Journal of Political Economy 618:United States as a tax haven 7: 4498:Journal of Public Economics 4471:Journal of Public Economics 4440:Alan Reynolds (July 1999). 4337:Alan Reynolds (July 1999). 4257:Congressional Budget Office 4239:Congressional Budget Office 4071:10.1177/1354068800006004002 3910:Ranson, David (Fall 2008). 3650:10.1016/j.socec.2005.07.013 3075:p. 193 of the 1916 reprint. 2954:. The Heritage Foundation. 2767:Journal of Public Economics 2664: 2603:Congressional Budget Office 2115:Joint Committee on Taxation 2094:Congressional Budget Office 2092:In 2005, the United States 10: 4696: 3858:Chu, Ben (April 8, 2014). 3747:"CBO. (December 1, 2005). 3562:Journal of Socio-Economics 2839:10.1057/9780230226203.0922 2312: 2306: 2237: 2213:(7th edition), economists 2198: 1790: 532:Offshore financial centres 422:Repatriation tax avoidance 4638:January 22, 2014, at the 3342:Goolsbee, Austan (1999). 3211:Frankel, Jeffrey (2011). 3160:Mellon: An American Life. 2262:marginal income tax rates 2186:In US political discourse 2137:, the chairman of the UK 1850:Secretary of the Treasury 1817: 997:Financial transaction tax 87:Property tax equalization 4655:1974 in economic history 4619:, Number 50, Winter 1978 3985:10.1177/0032329219894788 3776:American Economic Review 3009:American Economic Review 2800:Irvin B. Tucker (2010), 2696: 2686:List of economics topics 2258:United States government 2144: 1348:Tax revenue to GDP ratio 1007:Currency transaction tax 588:Liechtenstein tax affair 4203:Galbraith, J. K. ( 4013:Kansas Health Institute 3296:Luxembourg Income Study 3179:Folsom Jr., Burton W., 3088:Wanniski, Jude (1978). 2280:The Triumph of Politics 2211:Principles of Economics 1055:Permanent establishment 1050:Exchange of Information 553:Financial Secrecy Index 204:Medical savings account 4304:by Paul Krugman, p. 95 4033:Topeka Capital Journal 3972:Politics & Society 3121:Read, Charles (2022). 3072: 2497: 2355: 2287:John Kenneth Galbraith 2183: 2072: 2029: 1902: 1806: 950:Vehicle miles traveled 569:Ireland as a tax haven 383:Private tax collection 37: 3798:10.1257/aer.100.3.763 3021:10.1257/aer.107.4.967 2715:extreme value theorem 2441:in the open interval 2366: 2352: 2291:Reagan administration 2246:supply-side economics 2244:The Laffer curve and 2201:Supply-side economics 2171: 2069: 2027: 1968:University of Chicago 1898: 1795: 1741:supply-side economist 623:Panama as a tax haven 575:Ireland v. Commission 543:Conduit and sink OFCs 538:Offshore magic circle 459:Unreported employment 35: 4318:Taxing Capital Gains 4283:on February 12, 2012 2905:"To Donald Rumsfeld" 2646:multivalued function 2534:is the taxable base 2528:is the tax rate and 2435:then there exists a 2032:In the early 1980s, 1927:twenty years later. 1619:United Arab Emirates 1361:Individual Countries 1070:Foreign revenue rule 862:Inheritance (estate) 581:Leprechaun economics 4617:The Public Interest 4578:2021Glob...18..174M 4402:on December 1, 2007 4302:Peddling Prosperity 3924:on January 8, 2010. 3920:(4). Archived from 3724:on January 12, 2012 3102:on October 16, 2012 3047:The Washington Post 2802:Survey of Economics 2711:continuous function 2681:Fiscal conservatism 1953:John D. Rockefeller 1930:At the time of the 1838:John Maynard Keynes 1765:Ford Administration 1658:Business portal 1353:Tax rates in Europe 1223:Tax Justice Network 1169:Dhammika Dharmapala 672:Airport improvement 480:Transfer mispricing 271:Distribution of Tax 43:Part of a series on 4324:2014-05-02 at the 4205:Sinclair-Stevenson 3825:Economic Modelling 3319:10.2307/j.ctt7rg7m 3230:10.1057/ces.2011.7 2498: 2356: 2332:Theoretical issues 2289:believed that the 2155:Kemp-Roth tax cuts 2098:federal income tax 2073: 2030: 1997:Uppsala University 1983:Empirical analysis 1934:of the mid-1840s, 1907:Ferdinando Galiani 1903: 1775:in 1974, in which 1259:Eight per thousand 1174:James R. Hines Jr. 1065:European Union FTT 82:Government revenue 38: 4458:on July 18, 2005. 4355:on July 18, 2005. 4172:978-1-61039-277-8 3690:10.3982/ECTA12307 3328:978-1-4008-4208-7 3268:on March 26, 2011 3134:978-1-80010-627-7 2848:978-0-333-78676-5 2811:978-1-4390-4054-6 2751:978-94-009-8174-4 2607:progressive taxes 2480:is zero, meaning 2375:-valued function 2344:bell-shaped curve 2270:George H. W. Bush 2254:Kemp-Roth Tax Cut 2219:Wellesley College 2179:Kansas experiment 2163:capital gains tax 2007:Writing in 2010, 1706: 1705: 1641: 1640: 1237: 1236: 1229:Tax Policy Center 972:Negative (income) 748:Environmental tax 630: 629: 548:Financial centres 368:Tax investigation 306: 305: 174:Tax harmonization 16:(Redirected from 4687: 4660:Economics curves 4631:The PBS NewsHour 4614: 4598: 4597: 4557: 4551: 4550: 4520: 4514: 4513: 4493: 4487: 4486: 4466: 4460: 4459: 4457: 4451:. 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December 1981. 4183: 4177: 4176: 4156: 4150: 4149: 4147: 4145: 4130: 4124: 4123: 4111: 4105: 4104: 4097: 4091: 4090: 4054: 4048: 4045:Kansas City Star 4042: 4036: 4030: 4024: 4023: 4021: 4019: 4004: 3998: 3997: 3987: 3963: 3952: 3951: 3949: 3947: 3932: 3926: 3925: 3907: 3901: 3900: 3898: 3896: 3881: 3875: 3874: 3872: 3870: 3855: 3849: 3848: 3816: 3810: 3809: 3791: 3771: 3765: 3764: 3762: 3760: 3755: 3743: 3734: 3733: 3731: 3729: 3723: 3716: 3708: 3702: 3701: 3699: 3697: 3692: 3683:(5): 1651–1687. 3668: 3662: 3661: 3629: 3623: 3622: 3584: 3578: 3577: 3557: 3551: 3550: 3530: 3524: 3523: 3505: 3479: 3470: 3461: 3460: 3440: 3434: 3433: 3421: 3415: 3414: 3392: 3383: 3382: 3348: 3339: 3333: 3332: 3311:Zombie Economics 3306: 3300: 3299: 3293: 3284: 3278: 3277: 3275: 3273: 3267: 3260: 3249: 3243: 3242: 3232: 3208: 3202: 3201: 3190: 3184: 3177: 3171: 3156:Cannadine, David 3153: 3147: 3146: 3118: 3112: 3111: 3109: 3107: 3101: 3094: 3085: 3076: 3066: 3060: 3057: 3051: 3050: 3039: 3033: 3032: 3004: 2993: 2992: 2974: 2968: 2967: 2965: 2963: 2944: 2921: 2920: 2918: 2916: 2901: 2892: 2891: 2859: 2853: 2852: 2826: 2815: 2814: 2797: 2791: 2790: 2762: 2756: 2755: 2735: 2718: 2707: 2588: 2583:with respect to 2582: 2576: 2571:with respect to 2570: 2551: 2549: 2533: 2527: 2521: 2520: 2509: 2495: 2494: 2487: 2479: 2478: 2467: 2466: 2454: 2453: 2440: 2434: 2432: 2412: 2410: 2391: 2380: 2159:Kennedy tax cuts 1936:Edward Twisleton 1869:Washington Hotel 1861:National Affairs 1857:National Affairs 1828:by 14th-century 1813: 1809:—Arthur Laffer, 1698: 1691: 1684: 1670:Money portal 1668: 1667: 1666: 1656: 1655: 1332: 1331: 1153: 1152: 1060:Transfer pricing 1040:Tax equalization 1014: 957:Corporate profit 593:Luxembourg Leaks 527:Corporate havens 406: 405: 222: 221: 59: 40: 39: 21: 4695: 4694: 4690: 4689: 4688: 4686: 4685: 4684: 4645: 4644: 4640:Wayback Machine 4612: 4607: 4602: 4601: 4558: 4554: 4521: 4517: 4494: 4490: 4467: 4463: 4455: 4444: 4438: 4434: 4419: 4415: 4405: 4403: 4392: 4388: 4378: 4376: 4364: 4360: 4352: 4341: 4335: 4331: 4326:Wayback Machine 4315: 4308: 4300: 4296: 4286: 4284: 4280: 4273: 4269: 4268: 4264: 4251: 4250: 4246: 4241:. October 2011. 4234: 4230: 4229: 4225: 4216: 4215: 4211: 4202: 4198: 4185: 4184: 4180: 4173: 4157: 4153: 4143: 4141: 4132: 4131: 4127: 4112: 4108: 4099: 4098: 4094: 4055: 4051: 4043: 4039: 4031: 4027: 4017: 4015: 4005: 4001: 3964: 3955: 3945: 3943: 3933: 3929: 3908: 3904: 3894: 3892: 3890:The Independent 3882: 3878: 3868: 3866: 3864:The Independent 3856: 3852: 3817: 3813: 3772: 3768: 3758: 3756: 3753: 3745: 3744: 3737: 3727: 3725: 3721: 3714: 3710: 3709: 3705: 3695: 3693: 3669: 3665: 3630: 3626: 3585: 3581: 3558: 3554: 3531: 3527: 3494:10.2307/3439948 3477: 3471: 3464: 3441: 3437: 3422: 3418: 3393: 3386: 3363:10.2307/2534678 3346: 3340: 3336: 3329: 3307: 3303: 3291: 3285: 3281: 3271: 3269: 3265: 3258: 3250: 3246: 3209: 3205: 3192: 3191: 3187: 3178: 3174: 3154: 3150: 3135: 3119: 3115: 3105: 3103: 3099: 3092: 3086: 3079: 3067: 3063: 3058: 3054: 3041: 3040: 3036: 3015:(4): 967–1004. 3005: 2996: 2989: 2975: 2971: 2961: 2959: 2945: 2924: 2914: 2912: 2903: 2902: 2895: 2860: 2856: 2849: 2827: 2818: 2812: 2798: 2794: 2763: 2759: 2752: 2736: 2732: 2727: 2722: 2721: 2708: 2704: 2699: 2676:Dynamic scoring 2671:Deadweight loss 2667: 2637: 2624: 2587: 2584: 2581: 2578: 2575: 2572: 2569: 2566: 2548: 2544: 2540: 2537: 2535: 2532: 2529: 2526: 2523: 2519: 2515: 2512: 2511: 2508: 2505: 2492: 2488: 2485: 2482: 2481: 2477: 2473: 2470: 2469: 2464: 2460: 2457: 2456: 2451: 2447: 2443: 2442: 2439: 2436: 2430: 2426: 2422: 2418: 2415: 2414: 2408: 2404: 2400: 2399: 2389: 2387:closed interval 2379: 2376: 2371:says that if a 2369:Rolle's theorem 2361: 2339: 2334: 2321: 2311: 2305: 2242: 2236: 2227:Yale University 2203: 2197: 2188: 2147: 2127: 2090: 2064: 2022: 2014:Austan Goolsbee 1985: 1977:Jeffrey Frankel 1972:US income taxes 1893: 1881:Donald Rumsfeld 1820: 1815: 1808: 1793: 1773:Donald Rumsfeld 1702: 1664: 1662: 1650: 1643: 1642: 1329: 1319: 1318: 1274:Fiscus Judaicus 1249: 1239: 1238: 1197:Advocacy groups 1150: 1142: 1141: 1132:Trade agreement 1127:Free-trade zone 1085: 1075: 1074: 1012: 992: 982: 981: 642: 632: 631: 603:Paradise Papers 444:Debtors' prison 403: 393: 392: 363:Tax preparation 323:Revenue service 318: 308: 307: 219: 209: 208: 189:Double taxation 184:Tax withholding 179:Tax competition 97:Non-tax revenue 77: 28: 23: 22: 15: 12: 11: 5: 4693: 4683: 4682: 4677: 4672: 4670:Taxable income 4667: 4662: 4657: 4643: 4642: 4626: 4621: 4606: 4605:External links 4603: 4600: 4599: 4572:(2): 174–194. 4566:Globalizations 4552: 4539:10.2307/136462 4533:(5): 1118–38. 4515: 4488: 4461: 4432: 4427:New York Times 4413: 4386: 4358: 4329: 4306: 4294: 4262: 4244: 4223: 4209: 4196: 4178: 4171: 4151: 4140:. 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Feige 2021: 2018: 1984: 1981: 1892: 1889: 1819: 1816: 1794: 1792: 1789: 1737:taxable income 1704: 1703: 1701: 1700: 1693: 1686: 1678: 1675: 1674: 1673: 1672: 1660: 1645: 1644: 1639: 1638: 1637: 1636: 1631: 1626: 1624:United Kingdom 1621: 1616: 1611: 1606: 1601: 1596: 1591: 1586: 1581: 1576: 1571: 1566: 1561: 1556: 1551: 1546: 1541: 1536: 1531: 1526: 1521: 1516: 1511: 1506: 1501: 1496: 1491: 1486: 1481: 1476: 1471: 1466: 1461: 1456: 1451: 1446: 1441: 1436: 1431: 1426: 1421: 1416: 1411: 1406: 1401: 1396: 1391: 1386: 1381: 1376: 1371: 1363: 1362: 1358: 1357: 1356: 1355: 1350: 1345: 1337: 1336: 1330: 1325: 1324: 1321: 1320: 1317: 1316: 1311: 1306: 1301: 1296: 1291: 1286: 1281: 1276: 1271: 1266: 1261: 1256: 1250: 1245: 1244: 1241: 1240: 1235: 1234: 1233: 1232: 1226: 1220: 1217:Tax Foundation 1214: 1208: 1199: 1198: 1194: 1193: 1192: 1191: 1189:Gabriel Zucman 1186: 1181: 1176: 1171: 1166: 1164:Mihir A. Desai 1158: 1157: 1151: 1148: 1147: 1144: 1143: 1140: 1139: 1134: 1129: 1124: 1119: 1114: 1113: 1112: 1107: 1097: 1092: 1086: 1081: 1080: 1077: 1076: 1073: 1072: 1067: 1062: 1057: 1052: 1047: 1042: 1037: 1032: 1027: 1025:Robin Hood tax 1022: 1017: 1009: 1004: 999: 993: 988: 987: 984: 983: 980: 979: 974: 969: 964: 962:Excess profits 959: 954: 953: 952: 947: 942: 933: 928: 914: 909: 904: 899: 894: 889: 884: 879: 874: 869: 864: 859: 854: 849: 847:Gross receipts 844: 839: 834: 829: 828: 827: 822: 817: 812: 807: 802: 797: 787: 786: 785: 780: 775: 770: 765: 760: 755: 745: 740: 739: 738: 733: 728: 723: 718: 713: 708: 698: 697: 696: 686: 685: 684: 679: 674: 664: 659: 654: 649: 643: 638: 637: 634: 633: 628: 627: 626: 625: 620: 615: 610: 605: 600: 598:Offshore Leaks 595: 590: 585: 584: 583: 578: 563: 562: 561:Major examples 558: 557: 556: 555: 550: 545: 540: 535: 529: 524: 516: 515: 511: 510: 509: 508: 503: 498: 496:Dutch Sandwich 493: 488: 482: 477: 469: 468: 464: 463: 462: 461: 456: 451: 446: 441: 436: 434:Tax resistance 431: 426: 425: 424: 411: 410: 404: 399: 398: 395: 394: 391: 390: 385: 380: 375: 370: 365: 360: 355: 350: 345: 340: 338:Taxable income 335: 333:Tax assessment 330: 325: 319: 314: 313: 310: 309: 304: 303: 302: 301: 296: 291: 286: 281: 273: 272: 268: 267: 266: 265: 260: 255: 250: 245: 240: 235: 227: 226: 225:General Theory 220: 215: 214: 211: 210: 207: 206: 201: 196: 194:Representation 191: 186: 181: 176: 171: 166: 161: 156: 151: 146: 141: 136: 131: 126: 121: 116: 115: 114: 104: 99: 94: 89: 84: 78: 73: 72: 69: 68: 61: 60: 52: 51: 45: 44: 26: 9: 6: 4: 3: 2: 4692: 4681: 4678: 4676: 4673: 4671: 4668: 4666: 4665:Fiscal policy 4663: 4661: 4658: 4656: 4653: 4652: 4650: 4641: 4637: 4634: 4632: 4627: 4625: 4622: 4620: 4618: 4609: 4608: 4595: 4591: 4587: 4583: 4579: 4575: 4571: 4567: 4563: 4556: 4548: 4544: 4540: 4536: 4532: 4528: 4527: 4519: 4511: 4507: 4503: 4499: 4492: 4484: 4480: 4476: 4472: 4465: 4454: 4450: 4443: 4436: 4428: 4424: 4417: 4401: 4397: 4390: 4375: 4374: 4369: 4362: 4351: 4347: 4340: 4333: 4327: 4323: 4319: 4313: 4311: 4303: 4298: 4279: 4272: 4266: 4259:. 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tax 1287: 1285: 1282: 1280: 1277: 1275: 1272: 1270: 1267: 1265: 1262: 1260: 1257: 1255: 1252: 1251: 1248: 1243: 1242: 1230: 1227: 1224: 1221: 1218: 1215: 1212: 1209: 1206: 1203: 1202: 1201: 1200: 1196: 1195: 1190: 1187: 1185: 1182: 1180: 1177: 1175: 1172: 1170: 1167: 1165: 1162: 1161: 1160: 1159: 1155: 1154: 1146: 1145: 1138: 1135: 1133: 1130: 1128: 1125: 1123: 1120: 1118: 1115: 1111: 1108: 1106: 1103: 1102: 1101: 1098: 1096: 1093: 1091: 1088: 1087: 1084: 1079: 1078: 1071: 1068: 1066: 1063: 1061: 1058: 1056: 1053: 1051: 1048: 1046: 1043: 1041: 1038: 1036: 1033: 1031: 1028: 1026: 1023: 1021: 1018: 1015: 1010: 1008: 1005: 1003: 1000: 998: 995: 994: 991: 990:International 986: 985: 978: 975: 973: 970: 968: 965: 963: 960: 958: 955: 951: 948: 946: 943: 941: 937: 934: 932: 929: 927: 924: 923: 922: 918: 915: 913: 910: 908: 905: 903: 900: 898: 895: 893: 892:Resource rent 890: 888: 885: 883: 880: 878: 875: 873: 870: 868: 865: 863: 860: 858: 855: 853: 850: 848: 845: 843: 840: 838: 835: 833: 830: 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Case 2210: 2208: 2204: 2189: 2172: 2167:Hauser's Law 2148: 2135:Robert Chote 2128: 2091: 2077:Econometrica 2074: 2071:parentheses. 2053: 2052: 2044: 2038: 2031: 2009:John Quiggin 2006: 1994: 1986: 1965: 1945: 1941: 1932:Irish famine 1929: 1920: 1912:Della Moneta 1910: 1904: 1875:, Wanniski, 1860: 1856: 1854: 1823: 1821: 1810: 1807: 1798: 1796: 1787:and others. 1762: 1755: 1748: 1735:—i.e., 1730: 1714:Laffer curve 1713: 1707: 1589:South Africa 1184:Joel Slemrod 852:Hypothecated 820:Sugary drink 694:Expatriation 573: 491:Double Irish 454:Black market 299:Proportional 248:Laffer curve 247: 233:Price effect 29: 18:Laffer Curve 4122:(November). 3503:10419/94771 3432:(November). 3357:(2): 1–64. 2596:war economy 2250:Reaganomics 2240:Reaganomics 2234:Reaganomics 2119:P.L. 115-97 1990:optimal tax 1885:Gerald Ford 1877:Dick Cheney 1834:Ibn Khaldun 1785:Ibn Khaldun 1769:Dick Cheney 1726:tax revenue 1604:Switzerland 1569:Philippines 1544:New Zealand 1539:Netherlands 1179:Ronen Palan 917:User charge 736:Value-added 701:Consumption 613:Swiss Leaks 501:Single Malt 439:Tax shelter 429:Tax evasion 388:Tax farming 373:Tax shelter 289:Progressive 253:Optimal tax 154:Tax amnesty 149:Tax holiday 107:Tax bracket 92:Tax revenue 4675:Tax policy 4649:Categories 4504:(2): 251. 4477:(3): 263. 4287:October 2, 4144:January 4, 4018:August 17, 3941:Angry Bear 3728:January 2, 3568:(3): 395. 3541:(3): 527. 3143:1365041253 2725:References 2691:Rahn curve 2650:hysteresis 2635:Criticisms 2502:arithmetic 2455:such that 2383:continuous 2313:See also: 2266:right-hand 1957:Henry Ford 1925:Adam Smith 1917:David Hume 1891:Precedents 1842:Adam Smith 1825:Muqaddimah 1801:Muqaddimah 1767:officials 1733:elasticity 1514:Kazakhstan 1399:Bangladesh 1394:Azerbaijan 1327:By country 1284:Temple tax 1254:Church tax 1137:ATA Carnet 1122:Free trade 1117:Tariff war 1045:Tax treaty 926:Congestion 867:Land value 758:Eco-tariff 726:Television 682:Solidarity 662:Ad valorem 522:Tax havens 353:Tax shield 348:Tax refund 316:Collection 294:Regressive 169:Tax reform 4680:Tax terms 4594:1474-7731 4087:144473289 4079:1354-0688 3994:0032-3292 3784:CiteSeerX 3658:1053-5357 3619:153840972 3371:0007-2303 3239:0888-7233 3198:IGM Forum 3029:0002-8282 2962:August 3, 2888:0304-3932 2787:0047-2727 2248:inspired 1909:wrote in 1863:article, 1710:economics 1594:Sri Lanka 1559:Palestine 1519:Lithuania 1484:Indonesia 1469:Hong Kong 1389:Australia 1379:Argentina 1247:Religious 1035:Spahn tax 1030:Tobin tax 882:Pigouvian 800:Cigarette 773:Severance 706:Departure 514:Locations 467:Corporate 449:Smuggling 217:Economics 139:Tax shift 134:Deduction 124:Exemption 4636:Archived 4322:Archived 4138:BBC News 3946:June 30, 3845:59353161 3806:16550557 3520:12592215 2956:Archived 2665:See also 2563:tax base 2252:and the 2223:Ray Fair 2151:flat tax 1921:Of Taxes 1832:scholar 1722:taxation 1614:Tanzania 1579:Portugal 1554:Pakistan 1434:Colombia 1414:Bulgaria 1279:Leibzoll 1156:Academic 1149:Research 967:Windfall 907:Turnover 887:Property 837:Georgist 783:Stumpage 778:Steering 763:Landfill 743:Dividend 667:Aviation 657:Per unit 652:Indirect 343:Tax lien 279:Tax rate 258:Theories 112:Flat tax 75:Policies 49:Taxation 4574:Bibcode 3759:June 2, 3611:1830818 3512:3439948 3379:2534678 3069:Italian 3049:. 2019. 2395:on the 2111:billion 1961:billion 1830:Islamic 1791:History 1634:Uruguay 1534:Namibia 1529:Morocco 1494:Ireland 1474:Iceland 1459:Germany 1449:Finland 1444:Denmark 1439:Croatia 1384:Armenia 1374:Algeria 1369:Albania 1016:(CCCTB) 877:Payroll 832:General 825:Tobacco 795:Alcohol 731:Tourist 677:Landing 409:General 144:Tax cut 102:Tax law 4592: 4547:136462 4545: 4169: 4085: 4077: 4047:, 2015 4035:, 2013 3992: 3843: 3804: 3786: 3656: 3617: 3609: 3518: 3510: 3377: 3369: 3325: 3272:May 8, 3237: 3166: 3141: 3131: 3027: 2985: 2886: 2845: 2808: 2785: 2748: 2522:where 2157:, the 1818:Origin 1712:, the 1609:Taiwan 1599:Sweden 1584:Russia 1574:Poland 1549:Norway 1499:Israel 1464:Greece 1454:France 1424:Canada 1409:Brazil 1404:Bhutan 1299:Kharaj 1207:(ITEP) 1110:Export 1105:Import 1100:Tariff 1090:Custom 977:Wealth 902:Surtax 897:Single 872:Luxury 857:Income 790:Excise 753:Carbon 647:Direct 534:(OFCs) 487:(BEPS) 199:Unions 129:Credit 4543:JSTOR 4456:(PDF) 4445:(PDF) 4353:(PDF) 4342:(PDF) 4281:(PDF) 4274:(PDF) 4235:(PDF) 4083:S2CID 3841:S2CID 3802:S2CID 3754:(PDF) 3722:(PDF) 3715:(PDF) 3615:S2CID 3607:JSTOR 3516:S2CID 3508:JSTOR 3478:(PDF) 3375:JSTOR 3347:(PDF) 3292:(PDF) 3266:(PDF) 3259:(PDF) 3100:(PDF) 3093:(PDF) 2697:Notes 2493:) = 0 2385:on a 2145:Other 1871:with 1718:rates 1524:Malta 1509:Japan 1504:Italy 1479:India 1429:China 1314:Zakat 1309:Nisab 1304:Khums 1294:Jizya 1269:Tithe 1264:Teind 1225:(TJN) 1211:Oxfam 1083:Trade 1002:ATTAC 721:Stamp 716:Sales 711:Hotel 640:Types 4590:ISSN 4408:2007 4381:2021 4373:Time 4289:2012 4167:ISBN 4146:2012 4075:ISSN 4020:2016 3990:ISSN 3948:2011 3897:2017 3871:2017 3761:2019 3730:2006 3698:2021 3654:ISSN 3367:ISSN 3355:1999 3323:ISBN 3274:2011 3235:ISSN 3164:ISBN 3139:OCLC 3129:ISBN 3108:2009 3025:ISSN 2983:ISBN 2964:2024 2917:2012 2884:ISSN 2843:ISBN 2806:ISBN 2783:ISSN 2746:ISBN 2423:) = 2413:and 2373:real 2317:and 2221:and 2131:HMRC 2001:OECD 1955:and 1840:and 1799:The 1771:and 1564:Peru 1489:Iran 1231:(US) 1219:(US) 1213:(UK) 1095:Duty 945:Toll 940:GNSS 936:Road 931:Fuel 842:Gift 810:Meat 506:CAIA 284:Flat 4629:On 4615:", 4582:doi 4535:doi 4506:doi 4479:doi 4067:doi 3980:doi 3833:doi 3794:doi 3780:100 3685:doi 3646:doi 3599:doi 3570:doi 3543:doi 3498:hdl 3490:doi 3453:doi 3407:doi 3359:doi 3315:doi 3225:doi 3017:doi 3013:107 2876:doi 2835:doi 2775:doi 2598:). 2558:any 2381:is 2354:n%. 2260:'s 2225:of 2217:of 1720:of 1708:In 1419:BVI 921:fee 912:Use 815:Sin 805:Fat 4651:: 4588:. 4580:. 4570:18 4568:. 4564:. 4541:. 4531:31 4529:. 4502:40 4500:. 4475:29 4473:. 4447:. 4425:. 4370:. 4344:. 4320:" 4309:^ 4255:. 4237:. 4189:. 4136:. 4120:67 4118:. 4081:. 4073:. 4061:. 4011:. 3988:. 3976:48 3974:. 3970:. 3956:^ 3939:. 3914:. 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