Laffer curve tax structure in 1997. Some have also cited Hauser's Law, which postulates that US federal revenues, as a percentage of GDP, have remained stable at approximately 19.5% over the period 1950 to 2007 despite changes in marginal tax rates over the same period. Others however, have called Hauser's Law "misleading" and contend that tax changes have had large effects on tax revenues. More recently, based on Laffer curve arguments, Kansas Governor Sam Brownback greatly reduced state tax rates in 2012. The state, which had previously had a budget surplus, experienced a budget deficit of about $200 million in 2012. Drastic
Notional Defined Contributions pension system the pension is based on history of lifetime earnings and is much more heavily influenced by misreporting of one’s income. In Poland NDC pension scheme was introduced in 1996. The country faced serious fiscal challenges with rate of contribution into the pension system having reached 45% of gross wage. The system was implemented in 1999 after long political discussion about its various aspects and was meant as means of both reducing the future pension debt and motivating workers to prolong their careers. Notional Defined Contributions The term Notional Defined Contributions or Non-financial Defined Contributions or NDC refers to