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 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