The author, Art Laffer, of Laffer-curve fame, is on to something here. The main message is “incentives matter”, and people and investors react to tax rates, subsidies, regulations, etc. in making economic decisions. Pretty basic common sense, and comes naturally to Piggs.
BTW, Laffer and his firm used to be La Jolla-based, but moved to income tax-free Tennessee to escape CA’s taxes.
