Cutting taxes doesn’t raise revenue
Apparently, the tax on income exceeding $500,000 in New Jersey did not force all of New Jersey’s rich people to flee the state. Similarly, even TIME has a feeling that the Laffer curve isn’t very applicable in the real world and quotes Laffer himself saying that the curve shouldn’t drive changes in tax rates.
Yet, still Paul Ryan is proposing tax cuts on the rich, claiming this will increase government revenues. When will we give up the ghost that this theory holds any water whatsoever and instead start arguing about the appropriate size of government, which is what this debate is actually about, anyway?