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