Laffer curve is simplistic in that it assumes a single tax rate and a single labor supply. Actual systems of public finance are more complex, and there is serious doubt about the relevance of considering a single marginal tax rate. In addition, revenue may well be a multivalued function of tax rate; for instance, an increase in tax rate to a certain percentage may not result in the same revenue as a decrease in tax rate to the same percentage (a kind of hysteresis). Furthermore, the Laffer curve does not take explicitly into account the nature of the tax avoidance taking place.
Notional Park in Arcadia, California by four lengths under jockey Corey Nakatani. Sent to the Fair Grounds Race Course in New Orleans, Louisiana in February, Notional scored a 2 length win in the Risen Star Stakes under jockey Robby Albarado in a race where favorite Circular Quay was seriously impeded as a result of a race accident. Notional came in a close second to Scat Daddy in the Florida Derby in his last prep before the Kentucky Derby. While he was set to run the Triple Crown races, Notional suffered a fracture of his front cannon bone during a workout at