TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

@realitista@lemm.ee · 11 days ago

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

@RowRowRowYourBot@sh.itjust.works · 11 days ago

Worth noting Laffers claim had already been proven to be likely true by the time that was filmed. The claim is you can set a tax rate so high that it can encourage tax evasion, avoidance, and fraud and that reducing the rate below this level can bring in as much if not more tax revenue which was demonstrated to be likely true in 1983.

@ayyy@sh.itjust.works · 11 days ago

Or we could just fund the IRS since it’s a profit center.

@RowRowRowYourBot@sh.itjust.works · 11 days ago

We could do both?

@humanspiral@lemmy.ca · 11 days ago

Laffer curve in political practice is BS. It is proven that you raise 0 revenue at 100% tax rate because no one is actually paid to work, then. The political distortion is “therefore, always lower taxes for more revenue”.

@RowRowRowYourBot@sh.itjust.works · 10 days ago

No it makes sense it just isn’t scientific nor does it justify any cut after 1983.

@humanspiral@lemmy.ca · 10 days ago

nor does it justify any cut after 1983.

That was my point on how it is misused.

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History

Smoot–Hawley Tariff Act - Wikipedia

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