We don't have one because we don't have a 16% income tax rate and a 17.5% corporate tax rate. Lower the rates build the surplus.
The laffer curve is quite the laugher. The reality is that it's pretty damn hard to predict whether lowing taxes actually has a substantial effect on revenues. In fact, the problem is that we can't determine at all where we are on the laffer curve. We don't know whether lowing taxes will decrease revenues or actually increase them. It's a crapshoot, and depending on the idea of lowering taxes to reduce the deficit is asinine.
The thing that I really love is that now that we are likely entering into a recession it's pretty hard to justify running an even bigger deficit in the hopes of minimizing the recession. Nope, instead we will actually need to tighten the belt due to loss of confidence that will come from having such massive debt. There is no way to spend ourselves out of this, and tax cuts don't really increase spending by those that would actually spend us out of a recession. The republicans are going to &@#% us real good.
As much as republicans like to attack democrats on not being fiscally responsible and going crazy with spending, the Republicans have run up the biggest deficits. Reagen, Bush, and Bush don't have a good record of balancing the budget. Even with their tax cuts.
