Laffer curve estimated and such estimates are controversial. "The New Palgrave Dictionary of Economics" reports that estimates of revenue-maximizing tax rates have varied widely, with a mid-range of around 70%. There is a consensus among leading economists that a reduction in the US federal income tax rate would not raise annual total tax revenue. The Laffer curve was popularized in the United States with policymakers following an afternoon meeting with Ford Administration officials Dick Cheney and Donald Rumsfeld in 1974, in which Arthur Laffer reportedly sketched the curve on a napkin to illustrate his argument. The term "Laffer curve" was coined by
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