The Laffer Curve, named after economist Arthur Laffer, works!
As the Curve predicts, increase in tax rates will tend to raise, rather than lower, actual tax revenues.
President Donald Trump’s tax cuts are becoming a case in point.
Despite the cut in tax rates — brought forward by the introduction, in February, of revised tax withholding tables — federal income tax revenues for the first half of 2018 are 9 percent higher than in the first half of 2017.
The difference comes to $76 billion of unanticipated revenue.
Because the Congressional Budget Office refuses to score tax cuts “dynamically” — that is to recognize the effect of the Laffer Curve, it had predicted an annual increase in the deficit of $139 billion. – READ MORE
[divider][/divider]Newly released statistics reinforce the notion that the U.S. economy has responded positively to the presidency of Donald Trump as the current administration enters its 18th month in office.
According to statistics from Fox News Research, the number of Americans who are currently working part-time jobs because their hours were cut back at work or because they couldn’t find a full-time job has dropped by over one million since June 2016, during former President Barack Obama’s presidency.
Americans working part time because hours were cut back or they couldn’t find a full-time job:
•June 2010: 8.6M
•June 2011: 8.4M
•June 2012: 8.1M
•June 2013: 8.1M
•June 2014: 7.4M
•June 2015: 6.4M
•June 2016: 5.8M
•June 2017: 5.3M
•June 2018: 4.7M (lowest since Dec 2007)— Fox News Research (@FoxNewsResearch) July 15, 2018
Unemployment currently is hovering around 4% after going as low as 3.8% in May after 223,000 jobs were added to the economy, and record-low unemployment levels have been hit in 2018 for the Hispanic and black communities. – READ MORE
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