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It wasn't that economists assumed revenue increased with tax rate ad infinitum before Laffer, it was that they never considered the issue in the way he did.
'''Arthur Laffer''' (born Aug. 14, 1940) is a [[supply side]] [[economy|economist]] who provided intellectual support for the [[tax]] cuts during the administration of President [[Ronald Reagan]]. He served on Reagan's Economic Policy Advisory Board throughout the Reagan Presidency.
'''Arthur Laffer''' (born Aug. 14, 1940) is a [[supply side]] [[economy|economist]] who provided intellectual support for the [[tax]] cuts during the administration of President [[Ronald Reagan]]. He served on Reagan's Economic Policy Advisory Board throughout the Reagan Presidency.
The [[Laffer Curve]] is named after his promotion of the concept that, when tax rates are high, a decrease in tax rates can cause an increase in tax revenues. A reporter for the [[Wall Street Journal]], [[Jude Wanniski]], coined the term after seeing Laffer sketch the curve on a napkin. Previously economists mistakenly assumed that a tax rate close to 100% maximized tax revenues.{{fact}}
The [[Laffer Curve]] is named after his promotion of the concept that, when tax rates are high, a decrease in tax rates can cause an increase in tax revenues. A reporter for the [[Wall Street Journal]], [[Jude Wanniski]], coined the term after seeing Laffer sketch the curve on a napkin. This negates the naive assumption that a tax rate of close to 100% maximizes revenue.
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