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What it is – How it works
By staff reporters
DEFINITION:
In economics, the Laffer curve is a representation of the relationship between rates of taxation and the resulting levels of government revenue.
The Laffer curve claims to illustrate the concept of taxable income elasticity—i.e., taxable income will change in response to changes in the rate of taxation.
CITE: https://www.r2library.com/Resource/Title/082610254
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HISTORY:
The Laffer Curve is a theory developed by supply-side economist Arthur Laffer to show the relationship between tax rates and the amount of tax revenue collected by governments.
The curve is used to illustrate Laffer’s main premise that the more an activity such as production is taxed, the less of it is generated. Likewise, the less an activity is taxed, the more of it is generated.
MORE: https://www.investopedia.com/terms/l/laffercurve.asp
Conclusion
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Filed under: Accounting, Investing, Taxation | Tagged: Arthur Laffer, Laffer curve, supply-side economist |
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JACKSON, Miss. (AP) — Mississippi, one of the poorest states in the nation with perpetually underfunded schools and struggling rural hospitals, had its largest-ever tax cut passed by lawmakers Sunday.
The Republican-controlled state House and Senate voted by wide margins to pass a bill that would reduce the state income tax over four years, beginning in 2023. The bill goes to Republican Gov. Tate Reeves. He has indicated he will sign it into law.
Clint
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