15 of 17
Arthur Laffer
Arthur Laffer
Then: As legend has it, economist Art Laffer (later a top advisor to President Reagan) sketched a curve on a napkin in a 1974 meeting to show Donald Rumsfeld and Dick Cheney why rising tax rates at some point bring diminishing returns. The Laffer Curve helped inspire the supply-side movement.

Now:Now he is chairman of advisory firm Laffer Associates and Laffer Investments, both of which he runs with his son, who is CEO. He recently co-authored a new book, Return to Prosperity.

Four years ago, he picked up and moved from California to Tennessee for one key reason, he says: "There is no income tax in Tennessee."

In nearby Kentucky, he purchased farmland, where he has been planting hardwood trees and spending almost every weekend with his family. "Land is a pretty good asset for inflation," says Laffer, now 70. "And it's a perfect way to transfer wealth to my grandchildren."

By Ellen Florian

NEXT: Roger Enrico
Last updated October 28 2010: 8:20 AM ET
More Galleries
5 biggest share buybacks of 2014 Stock repurchases are booming. These five companies are ready to spend over $79 billion on buybacks. More
10 horrifying corporate mascots McDonald's Happy is part of a long lineage of creatures great and small that shill for products and mortify consumers. Mr. Mucus, anyone? More
5 best cities to launch a career The top spots in the U.S. for new grads to land a job -- and actually enjoy life -- according to financial site WalletHub. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.