Laffer curve
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The document discusses the Laffer Curve, which suggests that tax revenues can decrease if tax rates are raised above a certain level due to reduced economic activity. It outlines the history of the curve, including how economist Arthur Laffer illustrated the concept using a napkin. The basic diagram shows that tax revenues are lowest at 0% and 100% tax rates, and peak at an unspecified optimal rate. While tax cuts could in theory increase growth and revenues, economists disagree on where higher tax rates actually reduce incentives. Most studies suggest the optimal tax rate is around 70%, though it may vary by country. The document concludes the Laffer Curve is a valid economic concept, but tax rates in most Western nations are already below where it would significantly impact
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Laffer Curve | Eonomics
Laffer Curve is the diagrammatic representation of the relationship between tax rates and the revenue generated from each tax rate. It is based on the premise that as there is a rise in tax rate, lower is the level of the activity undertaken and thus lower the resulting tax revenue generated from the given tax rate. Copy the link given below and paste it in new browser window to get more information on Laffer Curve:- http://www.transtutors.com/homework-help/economics/laffer-curve.aspx
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What is a government deficit?
Types of deficit
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What is a fiscal deficit?
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The document summarizes the relative income hypothesis proposed by Dusenberry in 1949. The key points are:
1) Dusenberry argued that consumption depends more on a person's relative income position compared to others in their community, rather than their absolute income level. People will consume more if they live in wealthier communities to maintain their standard of living.
2) In the short run, the average propensity to consume is greater than the marginal propensity to consume and the relationship between income and consumption is not proportional. In the long run, consumption increases proportionally with income and the average propensity to consume equals the marginal propensity to consume.
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Rich States, Poor States
In 2010, Oklahoma was just starting to climb out of the national recession that cost our state nearly 80,000 jobs. Like people all around the country, many Oklahomans were struggling. Jobs had disappeared in the wake of a financial crisis that was largely out of our control. Tax revenues were down, and the state was facing a budget shortfall of over $500 million. It was with that difficult backdrop that I reached out to our state’s legislative leaders to help me build the best, most competitive economic climate possible. We set about reducing government waste and making state government smaller, smarter, and more efficient. Like many times in our state’s history, we rose to the challenge.
While many other states were raising taxes in order to close their budget gaps—and driving out jobs in the process—we cut our income tax. We provided relief to working families and spurred economic growth in the private sector. As a result, we have seen a net increase of almost 30,000 jobs in the last 12 months, and our job growth rate ranks in the top ten among all states. Our unemployment rate continues to be one of the lowest in the country at 6.1 percent. And in 2011, Oklahoma ranked first in the nation for the growth of manufacturing jobs, which grew five times faster than the national average.
For more information, please visit www.alec.org
Macro Module 36 - SUPPLY SIDE ECONOMICS.ppt
Supply-side economics focuses on how government policies like taxation can impact aggregate supply. Lowering taxes on capital gains, corporate income, personal income, and labor can increase business profits, investment, savings, and productivity, leading to an outward shift of both the short-run and long-run aggregate supply curves. This improves the tradeoff between unemployment and inflation. The Laffer Curve illustrates that beyond a certain tax rate, further tax increases may reduce tax revenues by discouraging economic activity.
HRA 330 Occupational Safety, Health, and Security Research Paper.docx
HRA 330 Occupational Safety, Health, and Security
Research Paper
Topic: Heat Stress in the Workplace
Subtopics: Awareness, Prevention, Monitoring and Training
Outline: I elected heat stress in the workplace as my research topic because this subject is a very subtle theme for me. I am a Damage Controlman in the United States Navy, which is theoretically a fire fighter for the navy. This means I enter spaces all the time with temperatures at or over 500 degrees Fahrenheit. I correspondingly work in engine room spaces on the ship, which can reach a temperature of 200 degrees Fahrenheit, for daily activity. Heat stress is continuously a problem when it derives to my job and I want to examine this subject further. I would like to acquire as much as I can with this matter, to further my knowledge in this course as well as with my own occupation. I contemplate that I have a lot of prior knowledge on this issue; therefore, I will have a head start on my enquiry.
Instructions: You will be responsible for researching, preparing, and submitting a paper on a course-related topic of your choice. Generally, the Research Paper should review a topic, including a brief history, why it is relevant to Human Resources (and workplace safety/risk management in particular), and detail current best practices as related to the topic. You may also describe any relevant professional experiences. In your Research Paper, be certain to discuss how the core values of respect, integrity, and community relate to your topic. The Research Paper should be 5-7 pages in length (not including reference pages or title page), double-spaced, and in a 12-point font. Longer or shorter papers will be accepted as long as writing is both concise and complete. Each paper should include an APA style reference section. Refer to the book A Writer’s Reference for information on formatting in APA style. Your paper will be graded on content, organization, clarity, creativity, interest, grammar, spelling, and punctuation. Please make sure to proofread your paper before submitting it.
Assignments should conform to the following criteria:
· All submissions should follow APA formatting.
· Margins should be 1” in all directions.
· Papers should be double-spaced and in a highly readable 12-point font (Arial, Times New Roman or Verdana are recommended). Headings may be larger.
· The paper must follow the academic research format (APA) and, unless otherwise specified, should include a brief abstract or executive summary that explains what the paper is about.
· Format for in-text citations and the Reference page should also follow APA style.
· At least 2 external credible academic resources should be included to substantiate the arguments and appropriately cited in text, as well as in the References section. WIKIPEDIA is not considered to be a credible academic resource and should not be utilized.
Running head: A PROBLEM EXISTS
A PROBLEM EXISTS
A Problem Exists
Jazmin Rodriguez
...
Chapter1Introduction to Federal Taxation and Understanding the
Chapter
1
Introduction to Federal Taxation and Understanding the Federal Tax Law
OBJECTIVES
After completing Chapter 1, you should be able to:
1. Identify types of taxes used by federal and state governments to raise revenues.
2. Understand the methods of tax collection and the trends shown by tax collection statistics.
3. Differentiate between tax avoidance and tax evasion.
4. Recall the underlying rationale of the federal income tax and its historical development.
5. Describe the route a tax bill takes until enacted into law.
6. Define the basic tax concepts and terms of federal income taxation.
INTRODUCTION
Federal taxation is the fuel by which Americans power their “Ship of State.” The tax structure which supports our federal government has gone from quill and ink records of revolutionary assessments to lightning speed computers which calculate and validate millions of income tax returns submitted by individuals and corporations. Federal taxes, in addition to the income tax, include a variety of other taxes covering estates, gifts, and customs, as well as excise taxes, and other minor categories of tax. Our governments can thus select among a variety of tax alternatives to produce the revenues required to operate national programs and carry out national policies.
Taxes are big business. Unfortunately, many business decisions are made in the United States today without regard to federal tax consequences. Individuals are concerned with personal income tax decisions and gift and estate tax decisions, while corporations concern themselves with corporate taxes, personal holding company taxes, and accumulated earnings tax decisions. Further, businesspersons must concern themselves with the choice of business entity: corporation, partnership, or S corporation. Differences in tax costs can be considerable. Advantages and disadvantages are virtually unlimited. This book presents information which is required knowledge if you make business decisions.
While most businesspersons (and many advisors) think about how to make decisions in nontax terms, the tax accountant bears the burden of introducing tax considerations. The topics presented in this book must be viewed in terms of decision-making—therefore, tax planning and tax research are of the utmost importance. Tax decisions are not made in a vacuum. Lawyers, accountants, financial managers, and a host of other experts work as a team in the decision-making process. This book is intended to serve as a guide for accounting students and for MBA students interested in gaining insight into and expertise in the tax complexities of business decision-making.
OVERVIEW
This chapter presents information on the magnitude of federal taxes collected and on taxpayer obligations. Then, a brief historical account is presented of federal tax collections prior to and after the adoption of the Sixteenth Amendment to the Constitution, which enabled Congress to levy “taxes on incomes, from whatever source derived.” Foll ...
The Great Rightward Shift: How Conservatism Shifted the Money to the 1%
The document discusses how conservative economic policies since 1980 have contributed to increasing income and wealth inequality in the United States. It notes that the top 1% now receive over 20% of income, versus 10% pre-1980, and own 42% of wealth compared to 24% in the mid-1970s. Conservative policies such as tax cuts that disproportionately benefit the wealthy 1% and weakening of unions have shifted more of the economic gains to the top earners over the past several decades. The rise of conservative media has also encouraged working-class voters to support policies that are not in their own economic interests.
Supply-Side Economics
Supply-side economics believes that high tax rates in the 1970s slowed economic growth. Supply-siders argue that lowering tax rates will increase incentives to work, save, and invest, leading to higher output and tax revenues in the long run. However, the relationship between tax rates and revenues depicted by the Laffer curve is uncertain, as it is difficult to know the precise tax rate that maximizes revenue. Additionally, the impact of tax changes depends on the time horizon considered, as adjustments to incentives take time.
12
The document discusses the design of the U.S. tax system. It describes the various taxes that raise revenue for the federal and state/local governments. The federal government collects most of its revenue from individual income taxes and payroll taxes, while state and local governments collect most from sales taxes and property taxes. The two main objectives in designing a tax system are efficiency and equity. Efficiency refers to minimizing the costs imposed on taxpayers, while equity concerns fair distribution of the tax burden.
NERI Seminar - An examination of Tax Shifting and "Harmful Taxes"
This document discusses harmful taxes and tax shifting. It summarizes the dominant view that corporate taxes are the most harmful for growth, followed by personal income taxes, then consumption taxes, with property taxes being the least harmful. It examines trends in taxation, including cuts to income and corporate tax rates. While there is some validity to tax hierarchies, designing a good tax system requires considering multiple principles like equity, efficiency, and revenue generation. Simply shifting to less harmful taxes may be regressive, and a mix of taxes along with understanding their interactions is most appropriate.
100 Ways To Write Your Name On Behance. Online assignment writing service.
This document discusses the steps to get writing help from HelpWriting.net. It outlines the 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review writer bids and choose one based on qualifications. 4) Review the completed paper and authorize payment. 5) Request revisions until satisfied with the results. The service provides original, high-quality content and refunds if plagiarized.
8.1 notes
1. The document discusses the role of government in promoting economic progress by protecting individual rights and providing certain goods, but argues that government is not well-suited to correct economic issues or redistribute wealth.
2. It proposes private savings accounts as an alternative to social security, noting that such programs in other countries like Chile were very successful and created real wealth for citizens.
3. If social security is not reformed, the document warns that taxes will have to be greatly increased to unsustainable levels, putting pressure on policies like euthanasia of less productive citizens.
Unit3 hl
The document provides a review of macroeconomic concepts to summarize in 3 sentences or less:
- It asks the reader to draw production possibility frontiers (PPFs) to illustrate opportunity cost, actual and potential output, points of efficiency and inefficiency, and unattainable points.
- It also asks the reader to draw a PPF representing growth with and without development and defines different types of unemployment, asking the reader to represent one type with a graph.
- Finally, it provides text on inflation and unemployment, the Phillips curve, aggregate demand and supply, and monetary and fiscal policy tools like the spending multiplier and crowding-out effect.
Fair Taxation
Fair Economics begins with Fair Taxation. This presentation breaks the stranglehold of the current Right/Left debate on taxation and offers a new perspective. The presentation is brought to you by the Fairness Coalition.
Similar to Laffer curve (20)
Social welfare and the rate structure a new look at progressive
Social welfare and the rate structure a new look at progressive
Is the Fed blowing bubbles to cover up growing inequality....
again?
Is the Fed blowing bubbles to cover up growing inequality....
again?
HRA 330 Occupational Safety, Health, and Security Research Paper.docx
HRA 330 Occupational Safety, Health, and Security Research Paper.docx
Chapter1Introduction to Federal Taxation and Understanding the
Chapter1Introduction to Federal Taxation and Understanding the
The Great Rightward Shift: How Conservatism Shifted the Money to the 1%
The Great Rightward Shift: How Conservatism Shifted the Money to the 1%
NERI Seminar - An examination of Tax Shifting and "Harmful Taxes"
NERI Seminar - An examination of Tax Shifting and "Harmful Taxes"
100 Ways To Write Your Name On Behance. Online assignment writing service.
100 Ways To Write Your Name On Behance. Online assignment writing service.
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Laffer curve
- 1. The Laffer Curve PUBLIC SECTOR ECONOMICS MR HAFIZ MUHMMAD QASIM
- 2. History of Laffer Curve The Laffer curve is named after the economist Arthur Laffer. In 1974, he tried to illustrate this concept to officials Dick Cheney and Donald Rumsfeld from the Ford administration. Legend states that he drew the concept on a napkin (though he doesn’t remember this incident). The term was coined by Jude Wanniski who was also at the meeting. Laffer has since stated he was not the first person to suggest this concept pointing out a 14th-century philosopher -Ibn Khaldun.
- 3. The Laffer Curve Definition The Laffer Curve states that if tax rates are increased above a certain level, then tax revenues can actually fall because higher tax rates discourage people from working. Equally, the Laffer Curve states that cutting taxes could, in theory, lead to higher tax revenues.
- 5. Explanation It starts from the premise that if tax rates are 0% – then the government gets zero revenue. Equally, if tax rates are 100% – then the government would also get zero revenue – because there is no point in working. If tax rates are very high, and then they are cut, it can create an incentive for business to expand and people to work longer. This boost to economic growth will lead to higher tax revenues – higher income tax, corporation tax and VAT. The importance of the theory is that it provides an economic justification for the politically popular policy of cutting tax rates. As Andrew Mellon said in 1924 – 74% of nothing is nothing. Mellon pushed for the top rate of tax to be reduced from 73% to an eventual 24% (He also personally benefitted as he was one of richest men in America). However, economists disagree on the level at which higher tax rates actually cause disincentives to work.
- 6. What is the optimal level of taxation for maximizing revenue? One study of economists Fullerton(2008) suggests that a marginal income tax rate of 70% is considered a level at which the Laffer curve effect may start to occur. In other words, if income tax rates are 80% and they are cut to 70% – the incentive effect may increase total tax revenue. According to above study 70% is the optimal tax rate, however, it may vary country to country.
- 8. Do tax cuts reduce the deficit? This evidence from US CBO suggests tax cuts lead to higher deficit. Tax increases reduce the deficit.
- 9. Conclusion There is sound reasoning behind the Laffer Curve – at some point, higher tax rates will lead to lower tax revenues. However, the big question is what level will this be? If the peak tax rate is 70%, then the Laffer curve will not affect most western economies – as income tax rates are mostly significantly lower than 70%. For example, recent US tax cuts from 35% will have little effect on incentives.
- 10. Thank You