It was developed by watching people who were born wealthier. It wasnt until 1989, when the American news program 60 Minutes ran a humiliating interview with the cigar-chomping, jewelry-laden man, that his believers grew uneasy
This idea, the so-called Laffer Curve, reveals a necessary tradeoff in tax policy: To effectively discourage a particular behavior, such as smoking, policymakers must set excise taxes so high that they may actually reduce revenues
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