Arthur Laffer (born Aug. 14, 1940) is a supply side 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.[Citation Needed]