In response to:

Laffer Curve Warning about the Economy and Tax Revenue for President Obama and other Class Warriors

petroleum engineer Wrote: Nov 29, 2012 3:06 PM
Unfortunately, the combined expertise of the members of the House and Senate on finances wouldn't fill a thimble. Obma's knowledge would be so tiny that it would take a high powred micrscope to find it. I hasten to add, we do have some fine minds in Congress, but they are a small minority. We are in a downward spiral, held in the hands of a large group of incompetents who want only to cater to the illiterate who will vote for anything that gives out freebies. They will listen to no one with any knowledge - it is apparent that there are too few knowlegeable people left to win elections. In short, they are for only themselves - to hell with the rest of us.

Being a thoughtful and kind person, I offered some advice last year to Barack Obama. I cited some powerful IRS data from the 1980s to demonstrate that there is not a simplistic linear relationship between tax rates and tax revenue.

In other words, just as a restaurant owner knows that a 20-percent increase in prices doesn’t translate into a 20-percent increase in revenue because of lost sales, politicians should understand that higher tax rates don’t mean an automatic and concomitant increase in tax revenue.

This is the infamous Laffer Curve, and it’s simply the common-sense recognition that you should...