Laffer curve led to federal budget surpluses. The Republican party, which was then based in the protectionist industrial Northeast, argued that cutting rates would lower revenues. But the Democratic party, then rooted in the agricultural South, argued tariff reductions would increase revenues by increasing the number of taxable imports. In 2012, economists surveyed by the University of Chicago rejected the viewpoint that the Laffer Curve's postulation of increased tax revenue through a rate cut applies to federal US income taxes of the time in the medium term. When asked whether a "cut in federal income tax rates in the US right now
Notional Keeneland three weeks before the running of the Kentucky Derby. He will undergo surgery for the injury which is not life-threatening, but there is question about whether he will be able to return to racing. He did not run in any of the Triple Crown races. Having an uneventful four-year-old season, Notional returned to form winning the July 5th, 2008 running of the Salvator Mile Handicap under Joe Bravo. Notional Notional (born February 1, 2004 in California) is an American Thoroughbred racehorse. He was sired by In Excess and out of the mare Truly Blessed. His damsire, French Deputy, is