I apologize for the fanboy writing in the title, but further reading of the Telegraph article on the Speaker and taxes notes that Speaker Richardson has hired – – – wait for it – – – Arthur Laffer!!!!!
That kicks ass.
If you don’t know who Arthur Laffer is, well, you should. He’s a personal hero of mine and an awesome supply side economist, credited with the “Laffer Curve” that shows that government can optimize tax revenue at a particular point on an upside down parabolic curve based on the rate of taxation, etc. It’s a very simple idea that has been proved right, though there are still people who do not believe it.
A most recent example is the Bush tax cut, which, after the cut, actually saw an increase in revenue to the U.S. Treasury that was, unfortunately, offset by increased spending.
Well done Mr. Speaker!