Democratic Senator Ron Wyden has a plan to make the ultrarich pay.

These are the stupid ideas the Democrats come up with. There are three billionaires in Oregon. Three. If this passes I suspect they will just move.

At the federal level, this would be unconstitutional.

  • Bongo_Stryker@lemmy.ca
    0·
    11 months ago

    Stupid democrat idea: tax people that won’t even feel it, vs. stupid republican idea:

    https://taxjustice.net/faq/does-cutting-taxes-boost-the-economy/ "Does cutting taxes boost the economy and lead to more taxes? Cutting taxes does not boost economic growth nor lead to more taxes being collected. The notion that it does, known as the Laffer Curve hypothesis, has been widely discredited. Late President George H.W. Bush described the hypothesis as “voodoo economics”.

    The Laffer Curve – named after economist Arthur Laffer who drew his theory in the form of a graph on the back of a napkin for Dick Cheney, who would later become U.S. Vice-President and popularise the hypothesis – predicts that cutting taxes ultimately increases tax revenues by creating an explosion of economic dynamism and reduces tax avoidance."

    It’s been tried for years and it hasn’t worked. It doesn’t work. The only people who benefit from lower taxes are the crooks who keep calling for more tax cuts.

    • Neuromancer@lemm.eeOPM
      02·
      11 months ago

      After every tax cut we see an increase in revenue.

      So yes, it does work.

      Can you show the math where it doesn’t ?

    • Neuromancer@lemm.eeOPM
      02·
      11 months ago

      The article is misstating the Laffer curve but considering it is coming for a left site I am not surprised. The Laffer curve isn’t as simple as cut taxes and revenue will increase.

      It is about finding the right place for taxes to increase the revenue.

      https://www.investopedia.com/terms/l/laffercurve.asp

      Maybe instead of citing a lefty site, you should actually read what it is.

      It suggests that taxes could be too low or too high to produce maximum revenue and both a 0% income tax rate and a 100% income tax rate generate $0 in receipts.

      It’s why it’s a curve and not a line.