My former boss gets the chance to spell out his worldview here:
Incidentally, I had someone ask me (because of the above interview) whether Laffer had always been so nuanced on whether tax rate reductions would lead to tax revenue increases. And the answer is, “Yes, that has always been his position.” In other words, it was dumbed-down supply-side partisans who “learned” the Laffer Curve and then said, “Tax cuts always pay for themselves.” Laffer himself never said, and in fact–duh–the actual Laffer Curve shows that there is a whole region where tax rate reductions lead to revenue losses.
Incidentally, to give Austrians more nuance (since the only thing they might know of Laffer is the Peter Schiff debacle), he opposed Nixon’s decision to close the gold window. He knew that that would be a disaster and lead to loose monetary policy. Note in the video above, he doesn’t just excoriate high tax rates, he also rips government spending and calls for a return to “sound money.”