“All of those empty storefronts aren’t just shattered dreams, they’re warning lights that are going off and state and local budgets that are being stretched because of the lack of tax revenue.”

—  Joe Biden

2021, March 2021, Remarks by President Biden Before Economic Briefing with Treasury Secretary Yellen

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47th Vice President of the United States (in office from 20… 1942

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“Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget just as it will never produce enough jobs or enough profits. Surely the lesson of the last decade is that budget deficits are not caused by wild-eyed spenders but by slow economic growth and periodic recessions, and any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

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“People aware of their own birth and death in this way are said not to be lacking. Not lacking in what? Not lacking in birth. They’re acquainted with the births they’ve experienced through many lives and states of being in the past—so many that they’re weary of it all, to the point where they don’t want to take birth again. As for people who don’t know, who don’t have this awareness, they feel that they’re lacking. They want to take birth again and so they keep on creating birth over and over again. As for those who do have awareness, they’ve had enough. They’re smart enough. They won’t give rise to any more births or states of being. Whatever is good, they keep within themselves, like putting a ripe mango seed in a showcase to look at, or peeling off its hard outer shell and then putting it in a storeroom. No one will be able to plant it again, and we can take it out for a look whenever we want.”

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“Taken to its logical extreme, the Laffer curve makes no sense because, if you lower your taxes to zero, how are you going to get higher revenues?”

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Source: My Years As Prime Minister (2007), Chapter Two, The Virtuous Circle, p. 75
Context: I never bought into the Laffer curve, a theory, named after an American supply-side economist who had been an adviser to the Reagan administration, that essentially argues that a government will increase its revenue by reducing its taxes. If it were that easy, everybody would do it. What politician doesn't want to reduce taxes in order to win votes? Taken to its logical extreme, the Laffer curve makes no sense because, if you lower your taxes to zero, how are you going to get higher revenues? In practice, every government that toyed with this theory ended up with larger deficits, higher interest rates and greater social inequality.

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