High taxes, sometimes by diminishing consumption of the taxed commodities, and sometimes by encouraging smuggling, frequently afford a smaller revenue to government than what might be draw from more moderate taxes.\" Adam Smith, The Wealth of Nations. New York bust nets counterfeit cigarettes, $6M
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Thursday, April 10, 2008By DAVID B. CARUSO from The Southeast MissourianThe Associated Press
NEW YORK — Millions of dollars' worth of counterfeit tax stamps were seized and a Jordanian man arrested as part of a major undercover investigation into tobacco smuggling in New York….The fake stamps would have allowed unscrupulous cigarette dealers to evade nearly $6.1 million in state and city taxes, authorities said.
Tax Revenues = rate x base
Revenue Hills-The Laffer Curve
from Own Sources, billions of dollars
f( Income per capita, AV per capita, time)