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by chiaro 2645 days ago
Or the classic least norwegian squares method of regression in the WSJ

http://kieranhealy.org/files/misc/laffer.png

4 comments

We (Norway) cheat a bit, though - we're a small (5M and change citizens) economy with a massive oil extraction industry which we tax to high heaven, hence the large fraction of GDP raised by taxes.

Regular corporate tax is 22%, whereas anything involving pumping hydrocarbons out of the ground is taxed with an additional 56%, leading to a tax rate of 78%.

In 2018, this led to more than $13B in taxes being paid from oil companies. Joe Q. Public, for comparison, paid $35B or so in income tax.

I think that's his/her point. Norway is obviously an outlier, so fitting the curve through Norway makes absolutely no sense!
D'oh, of course.

In my defense, I hardly slept last night courtesy of a three-year-old with the chicken pox, and I hadn't had my morning gallon of coffee when I replied.

That's a amazing. They made a plot and then drew an unrelated scribble through Norway.
This link returns a 403
Copy and paste the link. It gives a 403 because the referrer is HN (so not from the same domain). No referrer, no 403.
should have thought of that. D'oh