Steve Moore and Art Laffer in today’s Wall Street Journal.
Happy Birthday Jack Kemp! https://t.co/YOv4XVaRZe
— Unleash Prosperity (@Comm4Prosperity) July 14, 2017
☕ John Catsimatidis talked with Arthur Laffer this morning on his radio show, The Cats Roundtable.
☕ John Catsimatidis also spoke with Grover Norquist of Americans For Tax Reform.
☕ John Tamny has a new article up this morning as well.
☕ Reason, as might be expected, takes an unorthodox view of the new tax reform proposal from the Trump Administration. However, along the way there are some interesting facts and figures.
A growing economy will undercut the appeal of his ethno-nationalist politics.
Cato’s Edward’s notes that the U.S. corporate tax rates are in the “strong Laffer zone.” (The Laffer curve, named after Arthur Laffer, the economist who formulated it, shows that up to a point, tax cuts lead to an increase in revenues by fueling business expansion, broadening the tax base and attracting more foreign investments.) Studies examining OECD countries have shown that corporate tax rates above 26 percent reduce government revenues. The U.S. corporate tax rate is 14 percentage points above that rate, which is why America has a lot of room to cut. Indeed, corporate revenues from Canada’s 15 percent central corporate tax rate right now constitute 2.1 percent of the GDP (which is a bit higher than what it was when those rates were twice as high in the 1980s) and America’s 35 percent rate 1.7 percent of the GDP, estimates Edwards.
The Pittsburgh Tribune-Review has a preview of some books coming out in 2015. Among them, they mention a book by Arthur Laffer and Stephen Moore. The book, unfortunately, doesn’t come out until late July, but you can pre-order it today.
In “Blue Exodus: Why Americans Are Moving to Red States” (Encounter Books, July 28), Arthur Laffer, supply-side economics icon and “Laffer curve” namesake, and Stephen Moore, The Heritage Foundation’s chief economist, analyze an American division driven by both politics and personal bottom lines. They tackle what’s increasingly driving individuals and businesses to vote with their feet for lower taxes and debt, fewer regulations, energy development and right-to-work laws by relocating from liberal “blue” states to conservative “red” states.
G. Tracy Mehan III writes for The American Spectator about an event that took place in Washington last week featuring supply-siders galore.
Reconciling economics with concerns over inequality.
Last week, at the Heritage Foundation in Washington, CNBC Commentator and economist Larry Kudlow hosted a very lively, even provocative, blue-ribbon panel discussion on the theme, “And Now for a Congressional Growth Agenda.” Besides the supply-side guru, Arthur Laffer, discussants included the impressive Carly Fiorina, former CEO of Hewlett-Packard, unsuccessful California Senate candidate and possible presidential candidate; the astute economic commentator, James (“Jimmy”) Pethokoukis of the American Enterprise Institute; and Stephen Moore, Heritage’s own Chief Economist and former Wall Street Journal editorial board member.
Be sure not to miss Arthur Laffer’s editorial that got top billing by Investor’s Business Daily on the front page today.
Bloomberg Businessweek has an amazing article, complete with a great 7-minute video of Arthur Laffer, Dick Cheney and Donald Rumsfeld talking over lunch this past November about what happened at Two Continents Restaurant in 1974 and detailing what was on that infamous napkin. This is a must read and a must see.
How would you classify the Laffer Curve today?
Laffer: It’s the same as always. It works. It’s not Republican, it’s not Democratic, it’s not conservative, it’s not liberal, it’s not left-wing, it’s not right-wing. It’s economics. People respond to incentives, and if you make something more attractive, they will do more of it. If you make something less attractive, they will do less of it. If you tax rich people and give the money to poor people, you are going to get lots and lots of poor people and no rich people. The dream in our country has always been to make the poor rich, not to make the rich poor.