Reaganomics the tax rate cuts would more than cover any increases in federal debt, was influenced by a theoretical taxation model based on the elasticity of tax rates, known as the Laffer curve. Arthur Laffer's model predicts that excessive tax rates actually reduce potential tax revenues, by lowering the incentive to produce; the model also predicts that insufficient tax rates (rates below the optimum level for a given economy) lead directly to a reduction in tax revenues. Reagan lifted remaining domestic petroleum price and allocation controls on January 28, 1981, and lowered the oil windfall profits tax in August 1981. He
Notional 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 a son of the 1997/98 Leading sire in North America, Deputy Minister. Notional is trained by Doug O'Neill for owner J. Paul Reddam, who also have three-year-olds Great Hunter and Liquidity in their stable. Racing at age two, Notional's best showing in a stakes race was a third in the 2006 Hollywood Prevue Stakes. In his three-year-old debut, Notional won January's Grade II San Rafael Stakes at Santa Anita