Laffer curve Office has estimated that extending the Bush tax cuts of 2001–2003 beyond their 2010 expiration would increase deficits by $1.8 trillion over the following decade. Economist Paul Krugman contended that supply-side adherents did not fully believe that the United States income tax rate was on the "backwards-sloping" side of the curve and yet they still advocated lowering taxes to encourage investment of personal savings. Supply-side economics indicates that the simple descriptions of the Laffer curve are usually intended for pedagogical purposes only and do not represent the complex economic responses to tax policy which may be observed from such viewpoints
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