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- Laffer states that professors "have no skin in the game". Well, Laffer himself spent a fair part of his life as a professor, achieving tenure three years out of grad school. Somehow, I take him with a grain of salt, and so should you.
I do remember that the most prosperous time of my long life was at a time when the rich people were complaining to anyone who would listen about the "ruinous" tax rates they suffered under. Now they have it better, they think, while Laffer points out that the government collects more from them.
Is that so? There are ways of collecting, however.
Is generalized support of charity a government good? Well, the charities don't have it better at all where taxes are so low that the charitable deduction is meaningless - and some of the charities have even gone under. Under the bad old "ruinous" tax laws, the rich people gave a fair amount of money to charities to get tax deductions. Now the deduction motivates but a pittance.
I have also heard the shibboleth about "the rich" "creating jobs", and this is true. But nowadays the rich create most of the jobs in India. The few jobs created here do not replace the jobs lost in either quantity or quality.
Laffer? Ho, hum.
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