Really, under what metric. As of now we tax 14ish% of our GDP which is the lowest % since the 1920's. The highest income earners in America in the 50's paid "real rates" of 50% of their income. The highest wage earner now pay around 15ish%. Under what metric are people taxed higher than they were in the 30's-80's?Wrong, tax rates are irrelevant, deductions and what people actually pay are what really matters. Never in our history has more revene in the form of tax revenue been going to the Federal govt. with lower rates. Deductions have been eliminated especially for the higher income earners and deductions increased for the lower income earners making the rich pay more and 47% paying nothing.
So if it wasn't for the Reagan tax cuts we would have the same GDP as we did in 1980's (since revenue is based on GDP growth). So deficits just magically occured at the same time that Reaganomics did, even though we've technically had a "big government" since the 40's.Massive budget deficits came from too much spending, not from tax cuts. Tax revenue according to the U.S. Treasury increased dramatically after the Reagan and Bush tax cuts but not enough to offset the massive Congressional spending