Although he does not claim to have invented the Laffer curve concept (Laffer, 2004), it was popularized with policy-makers following an afternoon meeting with Nixon/Ford Administration officials Dick Cheney and Donald Rumsfeld in 1974 in which he reportedly sketched the curve on a napkin to illustrate his argument.[25] The term "Laffer curve" was coined by Jude Wanniski, who was also present. The basic concept was not new; Laffer himself says he learned it from Ibn Khaldun and John Maynard Keynes.[26]
Numerous leading economists have rejected the view that a tax rate cut of current federal US income taxes can lead to increased tax revenue. When asked whether a "cut in federal income tax rates in the US right now would raise taxable income enough so that the annual total tax revenue would be higher within five years than without the tax cut," 96% of economists surveyed in 2012 disagreed.[
On May 31, 2019, The White House issued an official press release announcing that President Donald Trump would be awarding Laffer with the Presidential Medal of Freedom on June 19, 2019.[3] The Presidential Medal of Freedom is "the Nation's highest civilian honor, which may be awarded by the President to individuals who have made especially meritorious contributions to the security or national interests of the United States, to world peace, or to cultural or other significant public or private endeavors".[3] The White House press released stated that Laffer was receiving the award for "public service and contributions to economic policy that have helped spur prosperity for our Nation".[3] The press release detailed Laffer as "one of the most influential economists in American history", thanks to his economic theory, the "Laffer Curve'" which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance.
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