Arthur Laffer While he was teaching at the USC Marshall School of Business, Laffer played a key role in writing California Proposition 13, the property-tax-cap initiative that inspired a tax revolt across the nation. In the mid-1980s, Laffer left to teach at Pepperdine University in nearby Malibu. Laffer remained on the faculty for several years. In 1986, Laffer was a candidate for the Republican nomination for the U.S. Senate—which he lost in the California primary to U.S. Congressman Ed Zschau who lost in the general election to the incumbent, Democrat Alan Cranston. Laffer identifies himself as a staunch fiscal conservative and libertarian.
Notional profit Notional profit Notional Profit A contract usually takes several years to get itself completed. If the profit on such contracts is recorded only after their completion, then wide fluctuations may be noted in the profit figures of contractors from year to year. To avoid these fluctuations in the reported profits and to reflect the revenue in the accounting period during which the activity is undertaken, the profit in respect of each contract in progress is transferred to the profit and loss account of the year by calculating the notional profit. The portion of notional profit to be transferred to the