Arthur Laffer he learned it from Ibn Khaldun and John Maynard Keynes. A simplified view of the theory is that tax revenues would be zero if tax rates were either 0% or 100%, and somewhere in between 0% and 100% is a tax rate which maximizes total revenue. Laffer's postulate was that the tax rate that maximizes revenue was at a much lower level than previously believed: so low that current tax rates were above the level where revenue is maximized. Numerous leading economists have rejected the view that a tax rate cut of current federal US income taxes can lead to
According to Jim sense for us". But on June 27, 2007, ABC renewed the show for a seventh season with 18 episodes. "According to Jim" returned to ABC's schedule on Tuesday January 1, 2008, with two episodes at 9 pm and 9:30 pm. After that, the series moved to its regular time slot at 8 pm. Despite the writer's strike, ABC announced that the show would produce all 18 episodes ordered for this season. On February 27, 2008, it was reported that ABC was close to renewing "According to Jim" for an eighth season. On May 13, 2008, ABC officially renewed the series