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President Francois
Hollande's Socialist government imposed the tax surcharge last year,
shortly after taking office, to offset the impact of a rebate scheme
created by its conservative predecessor to cap an individual's overall
taxation at 50 percent of income.
The curve suggests that, as taxes increase from low levels, tax revenue
collected by the government also increases. It also shows that tax
rates increasing after a certain point (T*) would cause people not to
work as hard or not at all, thereby reducing tax revenue. Eventually,
if tax rates reached 100% (the far right of the curve), then all people
would choose not to work because everything they earned would go to the
government. full
Art Laffer's diagram, scribbled on a napkin one day, is actually Adam
Smith's Wealth of Nations condensed.
It drove, and still does
"
George Will, the widely syndicated columnist and TV pontificator,
became disgusted at the way Bush has been currying the favor of
conservatives, who have always suspected Bush of having closet liberal
tendencies.
So Will wrote a column dripping with contempt for Bush. And he summed
up his feelings when he described Bush as a ``lap dog.``
"-
Mike Royko
(see Rational ahem
Wiki) , Liberals insane—out of their effing minds— and that
included George Herbert Walker Bush who coined the term Voo-Doo Economics to
deride advocate Ronald Reagan during their battle for the 1980
nomination. (Yes, George Will was correct to portray Bush
as having liberal tendencies.)
This is a great day for Liberals then, Francois Hollande will
now
prove that Adam Smith, Art Laffer and non-Democrats everywhere are
wrong wrong wrong. Soon, Parisians, awash in Euros, will be
living
like Arab oil sheiks. Right?
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Science- "The genetic makeup
responsible for people becoming Liberal Democrats also renders
them incapable of understanding economics, or national defense.
" - National Bureau of
Facts
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