Laffer Curveand its association to supply side economics
Describe the Laffer Curve and how does it associate to supply side economics?
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Economist Arthur Laffer observed that tax revenues would clearly be zero while the tax rate was either at 0% or 100%. Among these two extremes ought to be an optimal rate where aggregate output & income created the maximum tax revenues.
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Expenditure Authority: The authorization to make expenditure (generally by a budget act appropriation, provisional language or some other legislation).
Character of Expenditure: A classification recognizing the major purpose of expenditure, like State Operations, Local Assistance, Capital Outlay, or Unclassified.
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