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Can Increasing Taxes Reduce the Budget Deficit?

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Can increasing taxes reduce the budget deficit?
Introduction
A graphical representation showing the relationship between the government increasing taxes and the total revenue they will collect is referred to as the Laffer curve, this is a hypothetical representation. The curve is named after Arthur Laffer the economist, though he has pointed out that this concept is not his as it originates from writings by a Muslim philosopher of the 14th century Ibn Khaldun ADDIN EN.CITE Dalamagas199864(Dalamagas, 1998)646417Dalamagas, BasilTesting the Validity of the Laffer-Curve HypothesisAnnals of Economics and Statistics / Annales d'Économie et de StatistiqueAnnals of Economics and Statistics / Annales d'Économie et de Statistique77-102521998L'INSEE / GENES on behalf of ADRES0769489Xhttp://www.jstor.org/stable/20076152( HYPERLINK l "_ENREF_1" o "Dalamagas, 1998 #64" Dalamagas, 1998). There are other historical precedents that also exist. The Laffer curve suggests that the government can increase taxes up to a certain level if they want to increase their revenue and reduce the budget deficit, but past the optimal level then the negative would occur as people would want to work because most of the money they earn would be taken by the government in terms of paying taxes. The government should endeavor to remain at the optimal point of the Laffer curve so that it can maximize on its revenue and also encourage people to work harder.
Increasing taxes and remaining at the optimal tax

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