Walter Heller was born on August 27, 1915 in Buffalo New York. He received a BA degree from Oberlin College, and an MA and Phd from University of Wisconsin.
He served as President of the Council of Economic Advisors under the Kennedy and Johnson Administrations. The famous Kennedy Tax Cut of 1964 is attributed to Heller.
Contrary to the concerns of opponents, the tax cut succeeded in causing a boom in the US economy. After his tenure as President of the Council ended in 1964, he served as consultant to President Johnson for another five years.
Heller helped develop the theory of revenue sharing, which asserted that state and local governments were more efficient at spending federal tax revenues than the federal government. He taught at the University of Minnesota, eventually achieving emeritas status.