HT: Chronicle of the Conspiracy

The Wall Street Journal reports that not only is there a Laffer curve, we are to the far right of it. The line doesn’t fall within the statistical data, but the graph itself is amazing enough to save at NR:

Foreign leaders are also learning another lesson: Lower corporate tax rates with fewer loopholes can lead to more, not less, tax revenue from business. The nearby chart shows the Laffer Curve effect from business taxation. Tax receipts tend to fall below their optimum potential when corporate tax rates are so high that they lead to the creation of loopholes and the incentive to move income to countries with a lower tax rate. Ireland is the classic case of a nation on the “correct side” of this curve. It has a 12.5% corporate rate, nearly the lowest in the world, and yet collects 3.6% of GDP in corporate revenues, well above the international average.

Check out the whole thing.