Laffer curve rates (for example, in the United States by the Congressional Budget Office). While the interaction between tax rates and tax revenue is generally accepted, the precise nature of this interaction is debated. In practice, the shape of a hypothetical Laffer curve for a given economy can only be estimated. The relationship between tax rate and tax revenue is likely to vary from one economy to another and depends on the elasticity of supply for labor, as well as various other factors. Even in the same economy, the characteristics of the curve could vary over time. Complexities such as progressive taxes
Notional Defined Contributions Notional Defined Contributions The term Notional Defined Contributions or Non-financial Defined Contributions or NDC refers to type of public pension system in which contributions made by the public behave in similar way they would in most public funds. This system is implemented in several countries in Europe such as Latvia, Poland, Italy and Sweden. NDC is in many ways similar to classical PAYG pension scheme. Working age individuals contribute to the system and pay for the benefits of current retirees. However, NDCs are different when it comes to determining the size of the benefits. For each individual the amount contributed