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vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Empirical analysis subsection</span> </button> <ul id="toc-Empirical_analysis-sublist" class="vector-toc-list"> <li id="toc-Income_tax_rate_at_which_revenue_is_maximized" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Income_tax_rate_at_which_revenue_is_maximized"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Income tax rate at which revenue is maximized</span> </div> </a> <ul id="toc-Income_tax_rate_at_which_revenue_is_maximized-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taxation_of_goods_and_services" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taxation_of_goods_and_services"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Taxation of goods and services</span> </div> </a> <ul id="toc-Taxation_of_goods_and_services-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Congressional_Budget_Office_analysis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Congressional_Budget_Office_analysis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Congressional Budget Office analysis</span> </div> </a> <ul id="toc-Congressional_Budget_Office_analysis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Other</span> </div> </a> <ul id="toc-Other-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-In_US_political_discourse" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#In_US_political_discourse"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>In US political discourse</span> </div> </a> <button aria-controls="toc-In_US_political_discourse-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle In US political discourse subsection</span> </button> <ul id="toc-In_US_political_discourse-sublist" class="vector-toc-list"> <li id="toc-Use_in_supply-side_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Use_in_supply-side_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Use in supply-side economics</span> </div> </a> <ul id="toc-Use_in_supply-side_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reaganomics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reaganomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Reaganomics</span> </div> </a> <ul id="toc-Reaganomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bush_tax_cuts" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bush_tax_cuts"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Bush tax cuts</span> </div> </a> <ul id="toc-Bush_tax_cuts-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Theoretical_issues" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Theoretical_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Theoretical issues</span> </div> </a> <button aria-controls="toc-Theoretical_issues-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Theoretical issues subsection</span> </button> <ul id="toc-Theoretical_issues-sublist" class="vector-toc-list"> <li id="toc-Justifications" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Justifications"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Justifications</span> </div> </a> <ul id="toc-Justifications-sublist" class="vector-toc-list"> <li id="toc-The_simplified_static_Laffer_curve" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_simplified_static_Laffer_curve"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>The simplified static Laffer curve</span> </div> </a> <ul id="toc-The_simplified_static_Laffer_curve-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_supply-side_dynamic_Laffer_curve" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_supply-side_dynamic_Laffer_curve"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>The supply-side dynamic Laffer curve</span> </div> </a> <ul id="toc-The_supply-side_dynamic_Laffer_curve-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Criticisms</span> </div> </a> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span 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Available in 34 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-34" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">34 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D9%86%D8%AD%D9%86%D9%89_%D9%84%D8%A7%D9%81%D8%B1" title="منحنى لافر – Arabic" lang="ar" hreflang="ar" data-title="منحنى لافر" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Laffer_%C9%99yrisi" title="Laffer əyrisi – Azerbaijani" lang="az" hreflang="az" data-title="Laffer əyrisi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%B2%D0%B0_%D0%BD%D0%B0_%D0%9B%D0%B0%D1%84%D0%B5%D1%80" title="Крива на Лафер – Bulgarian" lang="bg" hreflang="bg" data-title="Крива на Лафер" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-br mw-list-item"><a href="https://br.wikipedia.org/wiki/Krommenn_Laffer" title="Krommenn Laffer – Breton" lang="br" hreflang="br" data-title="Krommenn Laffer" data-language-autonym="Brezhoneg" data-language-local-name="Breton" class="interlanguage-link-target"><span>Brezhoneg</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Corba_de_Laffer" title="Corba de Laffer – Catalan" lang="ca" hreflang="ca" data-title="Corba de Laffer" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Lafferova_k%C5%99ivka" title="Lafferova křivka – Czech" lang="cs" hreflang="cs" data-title="Lafferova křivka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Lafferkurven" title="Lafferkurven – Danish" lang="da" hreflang="da" data-title="Lafferkurven" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Laffer-Kurve" title="Laffer-Kurve – German" lang="de" hreflang="de" data-title="Laffer-Kurve" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Curva_de_Laffer" title="Curva de Laffer – Spanish" lang="es" hreflang="es" data-title="Curva de Laffer" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Kurbo_de_Lafero" title="Kurbo de Lafero – Esperanto" lang="eo" hreflang="eo" data-title="Kurbo de Lafero" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D9%86%D8%AD%D9%86%DB%8C_%D9%84%D8%A7%D9%81%D8%B1" title="منحنی لافر – Persian" lang="fa" hreflang="fa" data-title="منحنی لافر" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Courbe_de_Laffer" title="Courbe de Laffer – French" lang="fr" hreflang="fr" data-title="Courbe de Laffer" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%9E%98%ED%8D%BC_%EA%B3%A1%EC%84%A0" title="래퍼 곡선 – Korean" lang="ko" hreflang="ko" data-title="래퍼 곡선" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%BC%D5%A1%D6%86%D6%86%D5%A5%D6%80%D5%AB_%D5%AF%D5%B8%D6%80" title="Լաֆֆերի կոր – Armenian" lang="hy" hreflang="hy" data-title="Լաֆֆերի կոր" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kurva_Laffer" title="Kurva Laffer – Indonesian" lang="id" hreflang="id" data-title="Kurva Laffer" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Lafferk%C3%BArfa" title="Lafferkúrfa – Icelandic" lang="is" hreflang="is" data-title="Lafferkúrfa" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Curva_di_Laffer" title="Curva di Laffer – Italian" lang="it" hreflang="it" data-title="Curva di Laffer" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A2%D7%A7%D7%95%D7%9E%D7%AA_%D7%9C%D7%90%D7%A4%D7%A8" title="עקומת לאפר – Hebrew" lang="he" hreflang="he" data-title="עקומת לאפר" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%9B%D0%B0%D1%84%D1%84%D0%B5%D1%80_%D1%81%D1%8B%D0%B7%D1%8B%D0%B3%D1%8B" title="Лаффер сызыгы – Kyrgyz" lang="ky" hreflang="ky" data-title="Лаффер сызыгы" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Lafero_kreiv%C4%97" title="Lafero kreivė – Lithuanian" lang="lt" hreflang="lt" data-title="Lafero kreivė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Curva_de_Laffer" title="Curva de Laffer – Lombard" lang="lmo" hreflang="lmo" data-title="Curva de Laffer" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Laffercurve" title="Laffercurve – Dutch" lang="nl" hreflang="nl" data-title="Laffercurve" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%A9%E3%83%83%E3%83%95%E3%82%A1%E3%83%BC%E6%9B%B2%E7%B7%9A" title="ラッファー曲線 – Japanese" lang="ja" hreflang="ja" data-title="ラッファー曲線" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Lafferkurven" title="Lafferkurven – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Lafferkurven" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://pl.wikipedia.org/wiki/Krzywa_Laffera" title="Krzywa Laffera – Polish" lang="pl" hreflang="pl" data-title="Krzywa Laffera" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Curva_de_Laffer" title="Curva de Laffer – Portuguese" lang="pt" hreflang="pt" data-title="Curva de Laffer" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%B2%D0%B0%D1%8F_%D0%9B%D0%B0%D1%84%D1%84%D0%B5%D1%80%D0%B0" title="Кривая Лаффера – Russian" lang="ru" hreflang="ru" data-title="Кривая Лаффера" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9B%D0%B0%D1%84%D0%B5%D1%80%D0%BE%D0%B2%D0%B0_%D0%BA%D1%80%D0%B8%D0%B2%D0%B0" title="Лаферова крива – Serbian" lang="sr" hreflang="sr" data-title="Лаферова крива" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Lafferin_k%C3%A4yr%C3%A4" title="Lafferin käyrä – Finnish" lang="fi" hreflang="fi" data-title="Lafferin käyrä" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Lafferkurvan" title="Lafferkurvan – Swedish" lang="sv" hreflang="sv" data-title="Lafferkurvan" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Laffer_e%C4%9Frisi" title="Laffer eğrisi – Turkish" lang="tr" hreflang="tr" data-title="Laffer eğrisi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%B2%D0%B0_%D0%9B%D0%B0%D1%84%D1%84%D0%B5%D1%80%D0%B0" title="Крива Лаффера – Ukrainian" lang="uk" hreflang="uk" data-title="Крива Лаффера" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/%C4%90%C6%B0%E1%BB%9Dng_cong_Laffer" title="Đường cong Laffer – Vietnamese" lang="vi" hreflang="vi" data-title="Đường cong Laffer" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%8B%89%E5%BC%97%E6%9B%B2%E7%BA%BF" title="拉弗曲线 – Chinese" lang="zh" hreflang="zh" data-title="拉弗曲线" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q504749#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div 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width="260" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Laffer_curve.svg/390px-Laffer_curve.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e8/Laffer_curve.svg/520px-Laffer_curve.svg.png 2x" data-file-width="738" data-file-height="544" /></a><figcaption>A basic representation of a Laffer curve, plotting government revenue (R) against the tax rate (t) and showing the maximum revenue at t*</figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Economic_justice" title="Economic justice">Economic justice</a></li> <li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Taxation_as_theft" title="Taxation as theft">Taxation as theft</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a class="mw-selflink selflink">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Fiscal_illusion" title="Fiscal illusion">Fiscal illusion</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_protester" title="Tax protester">Tax protester</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Legal <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS) <ul><li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a> <ul><li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li></ul></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Tax credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Tax deduction</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Tax exemption</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Taxpayer groups</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li> <li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li> <li><a href="/wiki/Tax_patent" title="Tax patent">Tax patent</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Illegal <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Tax_exile" title="Tax exile">Tax exile</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a> <ul><li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li></ul></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" class="mw-redirect" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" class="mw-redirect" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, the <b>Laffer curve</b> illustrates a theoretical relationship between <a href="/wiki/Tax_rate" title="Tax rate">rates</a> of <a href="/wiki/Tax" title="Tax">taxation</a> and the resulting levels of the government's <a href="/wiki/Tax_revenue" title="Tax revenue">tax revenue</a>. 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.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Meyer2012_2-0" class="reference"><a href="#cite_note-Meyer2012-2"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Gahvari1989_3-0" class="reference"><a href="#cite_note-Gahvari1989-3"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The shape of the curve is a function of taxable income <a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">elasticity</a>—i.e., <a href="/wiki/Taxable_income" title="Taxable income">taxable income</a> changes in response to changes in the rate of taxation. As popularized by <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economist</a> <a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer</a>, 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.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>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, <a href="/wiki/Conservatism_in_the_United_States" title="Conservatism in the United States">conservatives</a> 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 <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, estimates of revenue-maximizing income tax rates have varied widely, with a mid-range of around 70%.<sup id="cite_ref-dictionaryofeconomics_5-0" class="reference"><a href="#cite_note-dictionaryofeconomics-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The shape of the Laffer curve may also differ between different global economies.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The Laffer curve was popularized in the United States with policymakers following an afternoon meeting with <a href="/wiki/Presidency_of_Gerald_Ford" title="Presidency of Gerald Ford">Ford Administration</a> officials <a href="/wiki/Dick_Cheney" title="Dick Cheney">Dick Cheney</a> and <a href="/wiki/Donald_Rumsfeld" title="Donald Rumsfeld">Donald Rumsfeld</a> in 1974, in which <a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer</a> reportedly sketched the curve on a napkin to illustrate his argument.<sup id="cite_ref-polyconomics_7-0" class="reference"><a href="#cite_note-polyconomics-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The term "Laffer curve" was coined by <a href="/wiki/Jude_Wanniski" title="Jude Wanniski">Jude Wanniski</a>, 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 <a href="/wiki/Ibn_Khaldun" title="Ibn Khaldun">Ibn Khaldun</a> and others.<sup id="cite_ref-Heritage_8-0" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatright" style="width:33%; ; min-width: 15em"> <blockquote class="quotebox-quote left-aligned" style=""> <p>Ibn Khaldun, a 14th-century philosopher, wrote in his work <i>The <a href="/wiki/Muqaddimah" title="Muqaddimah">Muqaddimah</a></i>: "It should be known that at the beginning of the dynasty, taxation yields a large revenue from small assessments. At the end of the dynasty, taxation yields a small revenue from large assessments." </p> </blockquote> <div style="padding-bottom: 0; padding-top: 0.5em"><cite class="right-aligned" style="">—Arthur Laffer, <i>The Laffer Curve: Past, Present, and Future</i><sup id="cite_ref-Heritage_8-1" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></cite></div> </div> <div class="mw-heading mw-heading3"><h3 id="Origin">Origin</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=2" title="Edit section: Origin"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Laffer states that he did not invent the concept, citing numerous antecedents, including the <i><a href="/wiki/Muqaddimah" title="Muqaddimah">Muqaddimah</a></i> by 14th-century <a href="/wiki/Islamic_Golden_Age" title="Islamic Golden Age">Islamic</a> scholar <a href="/wiki/Ibn_Khaldun" title="Ibn Khaldun">Ibn Khaldun</a>,<sup id="cite_ref-Heritage_8-2" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Brederode_9-0" class="reference"><a href="#cite_note-Brederode-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a><sup id="cite_ref-Heritage_8-3" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>.<sup id="cite_ref-:2_10-0" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Andrew_Mellon" title="Andrew Mellon">Andrew Mellon</a>, <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Secretary of the Treasury</a> from 1921 to 1932, articulated a similar policy idea in 1924.<sup id="cite_ref-:0_11-0" class="reference"><a href="#cite_note-:0-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Laffer's name began to be associated with the idea after an article was published in <i>National Affairs</i> in 1978 that linked him to the idea.<sup id="cite_ref-:2_10-1" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> In the <i>National Affairs</i> article, <a href="/wiki/Jude_Wanniski" title="Jude Wanniski">Jude Wanniski</a> recalled a 1974 dinner meeting at the Two Continents Restaurant in the <a href="/wiki/Hotel_Washington_(Washington,_D.C.)" title="Hotel Washington (Washington, D.C.)">Washington Hotel</a> with <a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer</a>, Wanniski, <a href="/wiki/Dick_Cheney" title="Dick Cheney">Dick Cheney</a>, <a href="/wiki/Donald_Rumsfeld" title="Donald Rumsfeld">Donald Rumsfeld</a>, and his deputy press secretary Grace-Marie Arnett.<sup id="cite_ref-:2_10-2" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Heritage_8-4" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In this meeting, Laffer, arguing against President <a href="/wiki/Gerald_Ford" title="Gerald Ford">Gerald Ford</a>'s tax increase, reportedly sketched the curve on a napkin to illustrate the concept.<sup id="cite_ref-polyconomics_7-1" class="reference"><a href="#cite_note-polyconomics-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Cheney did not accept the idea immediately, but it caught the imaginations of those present.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> 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".<sup id="cite_ref-Heritage_8-5" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Precedents">Precedents</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=3" title="Edit section: Precedents"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Arthur_Laffer_2019.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Arthur_Laffer_2019.jpg/170px-Arthur_Laffer_2019.jpg" decoding="async" width="170" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Arthur_Laffer_2019.jpg/255px-Arthur_Laffer_2019.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Arthur_Laffer_2019.jpg/340px-Arthur_Laffer_2019.jpg 2x" data-file-width="566" data-file-height="734" /></a><figcaption><a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Arthur Laffer</a> </figcaption></figure> <p>There are historical precedents other than those cited by Laffer. <a href="/wiki/Ferdinando_Galiani" title="Ferdinando Galiani">Ferdinando Galiani</a> wrote in <i><a href="/wiki/Della_Moneta" title="Della Moneta">Della Moneta</a></i> (1751) that "It is an enormous error ... to believe that an impost always yields more revenue as it becomes heavier".<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> He gave the example of a toll on late-night entry to a town which would be less remunerative if set unreasonably high. <a href="/wiki/David_Hume" title="David Hume">David Hume</a> expressed similar arguments in his essay <i>Of Taxes</i> in 1756, as did fellow Scottish economist <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> twenty years later.<sup id="cite_ref-Wanniski,_J._14-0" class="reference"><a href="#cite_note-Wanniski,_J.-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>At the time of the <a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Irish famine</a> of the mid-1840s, <a href="/wiki/Edward_Twisleton" title="Edward Twisleton">Edward Twisleton</a> 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.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>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. </p><p>In 1924, Secretary of Treasury <a href="/wiki/Andrew_Mellon" title="Andrew Mellon">Andrew Mellon</a> 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 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 <a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a> and <a href="/wiki/Henry_Ford" title="Henry Ford">Henry Ford</a>.<sup id="cite_ref-cannadine_16-0" class="reference"><a href="#cite_note-cannadine-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Billion" title="Billion">billion</a> in 1929, an average increase of 4.2% per year over an 8-year period, which supporters attribute to the rate cut.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>In 2012, economists surveyed by the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a> rejected the viewpoint that the Laffer curve's postulation of increased tax revenue through a rate cut applies to federal <a href="/wiki/Income_tax_in_the_United_States" title="Income tax in the United States">US income taxes</a> 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.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> According to Harvard University economist <a href="/wiki/Jeffrey_Frankel" title="Jeffrey Frankel">Jeffrey Frankel</a>, 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.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Empirical_analysis">Empirical analysis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=4" title="Edit section: Empirical analysis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 <a href="/wiki/Optimal_tax" title="Optimal tax">optimal tax</a> 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.<sup id="cite_ref-Giertz_20-0" class="reference"><a href="#cite_note-Giertz-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>In 2017, Jacob Lundberg of the <a href="/wiki/Uppsala_University" title="Uppsala University">Uppsala University</a> estimated Laffer curves for 27 <a href="/wiki/OECD" title="OECD">OECD</a> 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 (Austria, Belgium, Denmark, Finland, Sweden).<sup id="cite_ref-Lundberg2017_21-0" class="reference"><a href="#cite_note-Lundberg2017-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Writing in 2010, <a href="/wiki/John_Quiggin" title="John Quiggin">John Quiggin</a> 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 depressed economy."<sup id="cite_ref-:3_22-0" class="reference"><a href="#cite_note-:3-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> A 1999 study by University of Chicago economist <a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a>, 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.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Income_tax_rate_at_which_revenue_is_maximized">Income tax rate at which revenue is maximized</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=5" title="Edit section: Income tax rate at which revenue is maximized"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:LafferCurve.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/LafferCurve.svg/220px-LafferCurve.svg.png" decoding="async" width="220" height="148" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/LafferCurve.svg/330px-LafferCurve.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/LafferCurve.svg/440px-LafferCurve.svg.png 2x" data-file-width="512" data-file-height="345" /></a><figcaption>An asymmetric Laffer curve with a maximum revenue point at around a 70% tax rate, as estimated by Trabandt and Uhlig (2011)<sup id="cite_ref-howfar_24-0" class="reference"><a href="#cite_note-howfar-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In the early 1980s, <a href="/wiki/Edgar_L._Feige" title="Edgar L. Feige">Edgar L. Feige</a> 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.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ReferenceA_27-0" class="reference"><a href="#cite_note-ReferenceA-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Economist Paul Pecorino presented a model in 1995 that predicted the peak of the Laffer curve occurred at tax rates around 65%.<sup id="cite_ref-Pecorino1995_28-0" class="reference"><a href="#cite_note-Pecorino1995-28"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> 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%.<sup id="cite_ref-Hsing1996_29-0" class="reference"><a href="#cite_note-Hsing1996-29"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> A 1981 article published in the <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i> presented a model integrating empirical data that indicated that the point of maximum tax revenue in Sweden in the 1970s would have been 70%.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> A 2011 study by Trabandt and Uhlig published in the <i><a href="/wiki/Journal_of_Monetary_Economics" title="Journal of Monetary Economics">Journal of Monetary Economics</a></i> 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).<sup id="cite_ref-howfar_24-1" class="reference"><a href="#cite_note-howfar-24"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> A 2005 study concluded that with the exception of Sweden, no major OECD country could increase revenue by reducing the marginal tax rate.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p><i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i> reports that a comparison of academic studies yields a range of revenue maximizing rates that centers around 70%.<sup id="cite_ref-dictionaryofeconomics_5-1" class="reference"><a href="#cite_note-dictionaryofeconomics-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Taxation_of_goods_and_services">Taxation of goods and services</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=6" title="Edit section: Taxation of goods and services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Figure_compares_the_Laffer_curve_under_the_assumption_that_firms_do_not_respond_to_changes_in_the_tax_rate_(Na%C3%AFve)_to_the_Laffer_curve_when_firms_adjust_their_prices_(Firm_Response).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/b/b9/Figure_compares_the_Laffer_curve_under_the_assumption_that_firms_do_not_respond_to_changes_in_the_tax_rate_%28Na%C3%AFve%29_to_the_Laffer_curve_when_firms_adjust_their_prices_%28Firm_Response%29.jpg/220px-thumbnail.jpg" decoding="async" width="220" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b9/Figure_compares_the_Laffer_curve_under_the_assumption_that_firms_do_not_respond_to_changes_in_the_tax_rate_%28Na%C3%AFve%29_to_the_Laffer_curve_when_firms_adjust_their_prices_%28Firm_Response%29.jpg/330px-thumbnail.jpg 1.5x, //upload.wikimedia.org/wikipedia/en/b/b9/Figure_compares_the_Laffer_curve_under_the_assumption_that_firms_do_not_respond_to_changes_in_the_tax_rate_%28Na%C3%AFve%29_to_the_Laffer_curve_when_firms_adjust_their_prices_%28Firm_Response%29.jpg 2x" data-file-width="370" data-file-height="269" /></a><figcaption>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 parentheses.</figcaption></figure> <p>The Laffer curve has also been extended to taxation of goods and services. In their 2018 <a href="/wiki/Econometrica" title="Econometrica">Econometrica</a> 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.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The authors show that firms increase their prices in response to a decrease in the <a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">ad valorem tax</a>, leading to less of a quantity increase than would otherwise be expected. The net effect is to flatten the Laffer curve and move the revenue maximum point to the right. </p> <div class="mw-heading mw-heading3"><h3 id="Congressional_Budget_Office_analysis">Congressional Budget Office analysis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=7" title="Edit section: Congressional Budget Office analysis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2005, the United States <a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a> (CBO) released a paper called "Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates." This paper considered the impact of a stylized reduction of 10% in the then existing marginal rate of <a href="/wiki/Income_tax_in_the_United_States" title="Income tax in the United States">federal income tax</a> 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 <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomic</a> 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 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 <a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">taxes borne relatively evenly by all taxpayers</a>.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Billion" title="Billion">billion</a> in interest over the decade covered by the paper's analysis.<sup id="cite_ref-CBO_34-0" class="reference"><a href="#cite_note-CBO-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> In 2019, economists at the <a href="/wiki/Joint_Committee_on_Taxation" class="mw-redirect" title="Joint Committee on Taxation">Joint Committee on Taxation</a> revisited the macroeconomic and budgetary response to the stylized 10% reduction in statutory ordinary income tax rates, but from the levels set by <a href="/wiki/Tax_Cuts_and_Jobs_Act_of_2017" class="mw-redirect" title="Tax Cuts and Jobs Act of 2017">P.L. 115-97</a>.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> 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. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=8" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Following the reduction of the top rate of income tax in the UK from 50% to 45% in 2013, <a href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</a> 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. <a href="/wiki/Robert_Chote" title="Robert Chote">Robert Chote</a>, the chairman of the UK <a href="/wiki/Office_for_Budget_Responsibility" title="Office for Budget Responsibility">Office for Budget Responsibility</a> commented that Britain was "strolling across the summit of the Laffer curve", implying that UK tax rates had been close to the optimum rate.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Other">Other</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=9" title="Edit section: Other"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div><p> Laffer has presented the examples of Russia and the Baltic states, which instituted a <a href="/wiki/Flat_tax" title="Flat tax">flat tax</a> with rates lower than 35% around the same time that their economies started growing. He has similarly referred to the economic outcome of the <a href="/wiki/Economic_Recovery_Tax_Act_of_1981" title="Economic Recovery Tax Act of 1981">Kemp-Roth tax cuts</a>, the <a href="/wiki/Kennedy_tax_cuts" class="mw-redirect" title="Kennedy tax cuts">Kennedy tax cuts</a>, the 1920s tax cuts, and the changes in US <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</a> structure in 1997.<sup id="cite_ref-Heritage_8-6" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Some have also cited <a href="/wiki/Hauser%27s_Law" class="mw-redirect" title="Hauser's Law">Hauser's Law</a>, 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.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Others however, have called Hauser's Law "misleading" and contend that tax changes have had large effects on tax revenues.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></p><blockquote><p>More recently, based on Laffer curve arguments, Kansas Governor <a href="/wiki/Sam_Brownback" title="Sam Brownback">Sam Brownback</a> greatly reduced state tax rates in 2012 in what has been called the <a href="/wiki/Kansas_experiment" title="Kansas experiment">Kansas experiment</a>.<sup id="cite_ref-:4_41-0" class="reference"><a href="#cite_note-:4-41"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-auto_42-0" class="reference"><a href="#cite_note-auto-42"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-auto1_43-0" class="reference"><a href="#cite_note-auto1-43"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> 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."<sup id="cite_ref-:4_41-1" class="reference"><a href="#cite_note-:4-41"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> 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<sup id="cite_ref-auto2_44-0" class="reference"><a href="#cite_note-auto2-44"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> before the tax cut was repealed in 2017 by a bipartisan super majority in the Kansas legislature.<sup id="cite_ref-:4_41-2" class="reference"><a href="#cite_note-:4-41"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="In_US_political_discourse">In US political discourse</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=10" title="Edit section: In US political discourse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Use_in_supply-side_economics">Use in supply-side economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=11" title="Edit section: Use in supply-side economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side economics</a></div> <p>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 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.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p><p>In their economics textbook <i>Principles of Economics</i> (7th edition), economists <a href="/wiki/Karl_E._Case" title="Karl E. Case">Karl E. Case</a> of <a href="/wiki/Wellesley_College" title="Wellesley College">Wellesley College</a> and <a href="/wiki/Ray_Fair" title="Ray Fair">Ray Fair</a> of <a href="/wiki/Yale_University" title="Yale University">Yale University</a> 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."<sup id="cite_ref-feige_47-0" class="reference"><a href="#cite_note-feige-47"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ReferenceA_27-1" class="reference"><a href="#cite_note-ReferenceA-27"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Reaganomics">Reaganomics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=12" title="Edit section: Reaganomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Reaganomics" title="Reaganomics">Reaganomics</a></div> <p>The Laffer curve and <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a> inspired <a href="/wiki/Reaganomics" title="Reaganomics">Reaganomics</a> and the <a href="/wiki/Kemp-Roth_Tax_Cut" class="mw-redirect" title="Kemp-Roth Tax Cut">Kemp-Roth Tax Cut</a> of 1981. Supply-side advocates of tax cuts claimed that lower tax rates would generate more tax revenue because the <a href="/wiki/United_States_government" class="mw-redirect" title="United States government">United States government</a>'s <a href="/wiki/Marginal_tax_rate" class="mw-redirect" title="Marginal tax rate">marginal income tax rates</a> prior to the legislation were on the <i>right-hand</i> side of the curve. This assertion was derided by <a href="/wiki/George_H._W._Bush" title="George H. W. Bush">George H. W. Bush</a> as "voodoo economics" while running against Reagan for the Presidential nomination in 1980.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> During the Reagan presidency, the top marginal rate of tax in the United States fell from 70% to 28%. </p><p><a href="/wiki/David_Stockman" title="David Stockman">David Stockman</a>, 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 <i>The Triumph of Politics</i>, he writes: "[T]he whole California gang had taken [the Laffer curve] 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."<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> Stockman also said that "Laffer wasn't wrong, he just didn't go far enough" (in paying attention to government spending).<sup id="cite_ref-Atlantic_50-0" class="reference"><a href="#cite_note-Atlantic-50"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>Some have criticized elements of Reaganomics on the basis of equity. For example, economist <a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a> believed that the <a href="/wiki/Reagan_administration" class="mw-redirect" title="Reagan administration">Reagan administration</a> actively used the Laffer curve "to lower taxes on the affluent".<sup id="cite_ref-Galbraith_51-0" class="reference"><a href="#cite_note-Galbraith-51"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Critics also point out that since the Reagan tax cuts, <a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">income has not significantly increased</a> 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.<sup id="cite_ref-Cumulative_Growth_In_Average_After-Tax_Income,_By_Income_Group;_graph,_page_19_53-0" class="reference"><a href="#cite_note-Cumulative_Growth_In_Average_After-Tax_Income,_By_Income_Group;_graph,_page_19-53"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> However, a 2018 study by the 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.<sup id="cite_ref-Cumulative_Growth_in_Average_Income,_by_Income_Group,_1979_to_2014_54-0" class="reference"><a href="#cite_note-Cumulative_Growth_in_Average_Income,_by_Income_Group,_1979_to_2014-54"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bush_tax_cuts">Bush tax cuts</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=13" title="Edit section: Bush tax cuts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bush_tax_cuts" title="Bush tax cuts">Bush tax cuts</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Economic_Growth_and_Tax_Relief_Reconciliation_Act_of_2001" title="Economic Growth and Tax Relief Reconciliation Act of 2001">Economic Growth and Tax Relief Reconciliation Act of 2001</a> and <a href="/wiki/Jobs_and_Growth_Tax_Relief_Reconciliation_Act_of_2003" title="Jobs and Growth Tax Relief Reconciliation Act of 2003">Jobs and Growth Tax Relief Reconciliation Act of 2003</a></div> <p>The Congressional Budget Office has estimated that extending the <a href="/wiki/Bush_tax_cuts" title="Bush tax cuts">Bush tax cuts</a> of 2001–2003 beyond their 2010 expiration would increase deficits by $1.8 trillion over the following decade.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> 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 still advocated lowering taxes to encourage investment of personal savings.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Theoretical_issues">Theoretical issues</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=14" title="Edit section: Theoretical issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Justifications">Justifications</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=15" title="Edit section: Justifications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 simplified Laffer curve is usually illustrated as a straightforward symmetrical and continuous <a href="/wiki/Bell-shaped_curve" class="mw-redirect" title="Bell-shaped curve">bell-shaped curve</a>, 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.<sup id="cite_ref-Taxing_Capital_Gains_57-0" class="reference"><a href="#cite_note-Taxing_Capital_Gains-57"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Laffer-Curve.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Laffer-Curve.svg/220px-Laffer-Curve.svg.png" decoding="async" width="220" height="177" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Laffer-Curve.svg/330px-Laffer-Curve.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Laffer-Curve.svg/440px-Laffer-Curve.svg.png 2x" data-file-width="933" data-file-height="751" /></a><figcaption>Laffer curve: t* represents the rate of taxation at which maximal revenue is generated. The grey curve is as drawn by Laffer;<sup id="cite_ref-Heritage_8-7" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> however, the curve might not have only a single peak, nor must it peak symmetrically at whatever value maximizes tax revenue, n%.</figcaption></figure> <div class="mw-heading mw-heading4"><h4 id="The_simplified_static_Laffer_curve">The simplified static Laffer curve</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=16" title="Edit section: The simplified static Laffer curve"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:RTCalc.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/RTCalc.svg/220px-RTCalc.svg.png" decoding="async" width="220" height="96" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/RTCalc.svg/330px-RTCalc.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/RTCalc.svg/440px-RTCalc.svg.png 2x" data-file-width="734" data-file-height="320" /></a><figcaption>In calculus, <a href="/wiki/Rolle%27s_theorem" title="Rolle's theorem">Rolle's theorem</a> says that if a <a href="/wiki/Real_number" title="Real number">real</a>-valued function <span class="texhtml"><var style="padding-right: 1px;">f</var></span> is <a href="/wiki/Continuous_function" title="Continuous function">continuous</a> on a <a href="/wiki/Closed_interval" class="mw-redirect" title="Closed interval">closed interval</a> <span class="nowrap"><span class="texhtml">[<var style="padding-right: 1px;">a</var>, <var style="padding-right: 1px;">b</var>]</span>,</span> <a href="/wiki/Derivative" title="Derivative">differentiable</a> on the <a href="/wiki/Open_interval" class="mw-redirect" title="Open interval">open interval</a> <span class="nowrap"><span class="texhtml">(<var style="padding-right: 1px;">a</var>, <var style="padding-right: 1px;">b</var>)</span>,</span> and <span class="nowrap"><span class="texhtml"><var style="padding-right: 1px;">f</var>(<var style="padding-right: 1px;">a</var>) = <var style="padding-right: 1px;">f</var>(<var style="padding-right: 1px;">b</var>)</span>,</span> then there exists a <span class="texhtml"><var style="padding-right: 1px;">c</var></span> in the open interval <span class="nowrap"><span class="texhtml">(<var style="padding-right: 1px;">a</var>, <var style="padding-right: 1px;">b</var>)</span></span> such that <span class="nowrap"><span class="texhtml"><var style="padding-right: 1px;">f</var>(<var style="padding-right: 1px;">c</var>)</span></span> is a maximum or a minimum and the gradient at <span class="nowrap"><span class="texhtml"><var style="padding-right: 1px;">x</var> = <var style="padding-right: 1px;">c</var></span></span> is zero, meaning <span class="nowrap"><span class="texhtml"><var style="padding-right: 1px;">f<span class="nowrap" style="padding-left:0.15em;">′</span></var>(<var style="padding-right: 1px;">c</var>) = 0</span></span>.</figcaption></figure> <p>Laffer explains the model in terms of two interacting effects of taxation: an "<a href="/wiki/Arithmetic" title="Arithmetic">arithmetic</a> effect" and an "economic effect".<sup id="cite_ref-Heritage_8-8" class="reference"><a href="#cite_note-Heritage-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The "arithmetic effect" assumes that tax revenue raised is the tax rate multiplied by the revenue available for taxation (or tax base). Thus revenue <span class="texhtml"><var style="padding-right: 1px;">R</var></span> is equal to <span class="nowrap"><span class="texhtml"><var style="padding-right: 1px;">t</var> × <var style="padding-right: 1px;">B</var></span></span> where <span class="texhtml"><var style="padding-right: 1px;">t</var></span> is the tax rate and <span class="texhtml"><var style="padding-right: 1px;">B</var></span> is the taxable base <span class="nowrap">(<span class="texhtml"><var style="padding-right: 1px;">R</var> = <var style="padding-right: 1px;">t</var> × <var style="padding-right: 1px;">B</var></span>).</span> 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 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. </p><p>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 <i>any</i> 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 <a href="/wiki/Tax_base" class="mw-redirect" title="Tax base">tax base</a> with respect to the tax is equal to 1. This is done by differentiating <span class="texhtml"><var style="padding-right: 1px;">R</var></span> with respect to <span class="texhtml"><var style="padding-right: 1px;">t</var></span> and grouping terms to reveal that the rate of change of <span class="texhtml"><var style="padding-right: 1px;">R</var></span> with respect to <span class="texhtml"><var style="padding-right: 1px;">t</var></span> 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 exceeds one in absolute value. </p><p>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 <a href="/wiki/War_economy" title="War economy">war economy</a>).<sup id="cite_ref-Wanniski,_J._14-1" class="reference"><a href="#cite_note-Wanniski,_J.-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Various efforts have been made to quantify the relationship between tax revenue and tax rates (for example, in the United States by the <a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a>).<sup id="cite_ref-CBO_34-1" class="reference"><a href="#cite_note-CBO-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Progressive_taxes" class="mw-redirect" title="Progressive taxes">progressive taxes</a> 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 <a href="/wiki/Tax_shelter" title="Tax shelter">tax shelters</a> are made more readily available by legislation, the point at which revenue begins to decrease with increased taxation is likely to become lower. </p><p>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 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.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="The_supply-side_dynamic_Laffer_curve">The supply-side dynamic Laffer curve</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=17" title="Edit section: The supply-side dynamic Laffer curve"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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.<sup id="cite_ref-Laffer,_A._60-0" class="reference"><a href="#cite_note-Laffer,_A.-60"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-Taxing_Capital_Gains_57-1" class="reference"><a href="#cite_note-Taxing_Capital_Gains-57"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> The increased aggregate supply would result in increased aggregate demand, hence the term "supply-side economics". </p> <div class="mw-heading mw-heading3"><h3 id="Criticisms">Criticisms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=18" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> Additionally, the Laffer curve depends on the assumption that 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.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-dictionaryofeconomics_5-2" class="reference"><a href="#cite_note-dictionaryofeconomics-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In addition, revenue may well be a <a href="/wiki/Multivalued_function" title="Multivalued function">multivalued function</a> 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 <a href="/wiki/Hysteresis" title="Hysteresis">hysteresis</a>). Furthermore, the Laffer curve does not take explicitly into account the nature of the <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a> 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 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.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>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 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 phenomenon is most famously attributed to the Reagan administration (1981–1989), during which the government deficit increased by approx. $2 trillion.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=19" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Dynamic_scoring" title="Dynamic scoring">Dynamic scoring</a></li> <li><a href="/wiki/Fiscal_conservatism" title="Fiscal conservatism">Fiscal conservatism</a></li> <li><a href="/wiki/List_of_economics_topics" class="mw-redirect" title="List of economics topics">List of economics topics</a></li> <li><a href="/wiki/Rahn_curve" title="Rahn curve">Rahn curve</a></li> <li><a href="/wiki/Trickle-down_economics" title="Trickle-down economics">Trickle-down economics</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=20" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Under the assumption that the revenue is a <a href="/wiki/Continuous_function" title="Continuous function">continuous function</a> of the rate of taxation, the <a href="/wiki/Extreme_value_theorem" title="Extreme value theorem">extreme value theorem</a> states that a maximum must exist.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Laffer_curve&action=edit&section=21" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-Meyer2012-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Meyer2012_2-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFL.H._Meyer2012" class="citation book cs1">L.H. Meyer (December 6, 2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=YWD_CAAAQBAJ&pg=PA83"><i>The Supply-Side Effects of Economic Policy</i></a>. Springer Science & Business Media. p. 83. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-94-009-8174-4" title="Special:BookSources/978-94-009-8174-4"><bdi>978-94-009-8174-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Supply-Side+Effects+of+Economic+Policy&rft.pages=83&rft.pub=Springer+Science+%26+Business+Media&rft.date=2012-12-06&rft.isbn=978-94-009-8174-4&rft.au=L.H.+Meyer&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYWD_CAAAQBAJ%26pg%3DPA83&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-Gahvari1989-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Gahvari1989_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGahvari1989" class="citation journal cs1">Gahvari, Firouz (1989). "The nature of government expenditures and the shape of the laffer curve". <i>Journal of Public Economics</i>. <b>40</b> (2): <span class="nowrap">251–</span>260. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0047-2727%2889%2990006-6">10.1016/0047-2727(89)90006-6</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0047-2727">0047-2727</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Public+Economics&rft.atitle=The+nature+of+government+expenditures+and+the+shape+of+the+laffer+curve&rft.volume=40&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E251-%3C%2Fspan%3E260&rft.date=1989&rft_id=info%3Adoi%2F10.1016%2F0047-2727%2889%2990006-6&rft.issn=0047-2727&rft.aulast=Gahvari&rft.aufirst=Firouz&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrvin_B._Tucker2010" class="citation cs2">Irvin B. Tucker (2010), <i>Survey of Economics</i>, Cengage Learning, p. 341, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4390-4054-6" title="Special:BookSources/978-1-4390-4054-6"><bdi>978-1-4390-4054-6</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Survey+of+Economics&rft.pages=341&rft.pub=Cengage+Learning&rft.date=2010&rft.isbn=978-1-4390-4054-6&rft.au=Irvin+B.+Tucker&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-dictionaryofeconomics-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-dictionaryofeconomics_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-dictionaryofeconomics_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-dictionaryofeconomics_5-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFullerton2008" class="citation book cs1">Fullerton, Don (2008). "Laffer curve". In Durlauf, Steven N.; Blume, Lawrence E. (eds.). <i>The New Palgrave Dictionary of Economics</i> (2nd ed.). p. 839. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2F9780230226203.0922">10.1057/9780230226203.0922</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-78676-5" title="Special:BookSources/978-0-333-78676-5"><bdi>978-0-333-78676-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Laffer+curve&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.pages=839&rft.edition=2nd&rft.date=2008&rft_id=info%3Adoi%2F10.1057%2F9780230226203.0922&rft.isbn=978-0-333-78676-5&rft.aulast=Fullerton&rft.aufirst=Don&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTrabandtUhlig2011" class="citation journal cs1">Trabandt, Mathias; Uhlig, Harald (May 1, 2011). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S030439321100064X">"The Laffer curve revisited"</a>. <i>Journal of Monetary Economics</i>. <b>58</b> (4): <span class="nowrap">305–</span>327. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jmoneco.2011.07.003">10.1016/j.jmoneco.2011.07.003</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0304-3932">0304-3932</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=The+Laffer+curve+revisited&rft.volume=58&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E305-%3C%2Fspan%3E327&rft.date=2011-05-01&rft_id=info%3Adoi%2F10.1016%2Fj.jmoneco.2011.07.003&rft.issn=0304-3932&rft.aulast=Trabandt&rft.aufirst=Mathias&rft.au=Uhlig%2C+Harald&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS030439321100064X&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-polyconomics-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-polyconomics_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-polyconomics_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110503200219/http://www.polyconomics.com/gallery/Napkin003.jpg">"To Donald Rumsfeld"</a>. Polyconomics.com. Archived from <a rel="nofollow" class="external text" href="http://www.polyconomics.com/gallery/Napkin003.jpg">the original</a> on May 3, 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">December 13,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=To+Donald+Rumsfeld&rft.pub=Polyconomics.com&rft_id=http%3A%2F%2Fwww.polyconomics.com%2Fgallery%2FNapkin003.jpg&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-Heritage-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-Heritage_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Heritage_8-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Heritage_8-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Heritage_8-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Heritage_8-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Heritage_8-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Heritage_8-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Heritage_8-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Heritage_8-8"><sup><i><b>i</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLaffer" class="citation web cs1 cs1-prop-unfit"><a href="/wiki/Arthur_Laffer" title="Arthur Laffer">Laffer, Arthur</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170207000153/https://www.heritage.org/taxes/report/the-laffer-curve-past-present-and-future">"The Laffer Curve: Past, Present, and Future"</a>. The Heritage Foundation. Archived from the original on February 7, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">August 3,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Laffer+Curve%3A+Past%2C+Present%2C+and+Future&rft.pub=The+Heritage+Foundation&rft.aulast=Laffer&rft.aufirst=Arthur&rft_id=http%3A%2F%2Fwww.heritage.org%2Fresearch%2Freports%2F2004%2F06%2Fthe-laffer-curve-past-present-and-future&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-Brederode-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-Brederode_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrederode2009" class="citation book cs1">Brederode, Robert F. van (2009). <i>Systems of general sales taxation : theory, policy and practice</i>. 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Economists aren't smiling"</a>. <i>The Washington Post</i>. 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Trump+is+giving+Arthur+Laffer+the+Presidential+Medal+of+Freedom.+Economists+aren%27t+smiling.&rft.date=2019&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fpolitics%2F2019%2F06%2F01%2Ftrump-is-giving-arthur-laffer-presidential-medal-freedom-economists-arent-laughing%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaffer+curve" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Gellman, Barton, 258. Angler: The Cheney Vice Presidency, Penguin Press, New York 2008.</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a href="/wiki/Italian_language" title="Italian language">Italian</a>: <i lang="it">"È errore grandissimo ... credere che un dazio frutifichi sempre più se più s'aggrava."</i> p. 193 of the 1916 reprint.</span> </li> <li id="cite_note-Wanniski,_J.-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-Wanniski,_J._14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Wanniski,_J._14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWanniski1978" class="citation web cs1">Wanniski, Jude (1978). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121016190126/http://www.nationalaffairs.com/doclib/20080528_197805001taxesrevenuesandthelaffercurvejudewanniski.pdf">"Taxes, Revenues and the 'Laffer Curve'<span class="cs1-kern-right"></span>"</a> <span class="cs1-format">(PDF)</span>. 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