Named after Arthur Laffer, an American Economist, who admits he didn't not invent the concept. It was he who helped it gain prominence.
He claims to have learned it from John Maynard Keynes.
The Laffer Curve is an economic theory that says, at some point between 0% and 100%, there is a maximum amount of tax revenue a government will raise. Basically, by starting at zero, the government's tax revenue will increase as the tax rate goes up. However, there is a point where, as the tax rate increases, tax revenue will decrease due to disincentive to work and produce.