The Laffer Curve says:
…no tax revenue will be raised at the extreme tax rates of 0% and 100%. If both a 0% and 100% rate of taxation generate no revenue, but some intermediate tax rate generates some tax revenue, it follows that there must exist at least one rate where tax revenue would be a non-zero maximum.
It looks like this:
Why would you get less in revenue if you raised taxes higher, especially on the rich?
A Belgian newspaper says Bernard Arnault, France’s wealthiest businessman and boss of the LVMH luxury house, has applied for Belgian citizenship.
La Libre Belgique newspaper reported Saturday that Arnault’s citizenship application was confirmed by the head of Belgium’s naturalization office.
French media drew a connection to French President Francois Hollande’s plan to raise the tax rate on France’s highest earners to 75 percent.
Democrats think raising taxes on the rich is a quick fix to our problems.
They might want to take note of how big a failure it’s been in Europe.