“A drastic cut in tax rates results in far more tax REVENUE being brought in.”
What the Reagan economic team actually said was that cutting tax rates wouldn’t lose as much revenue as static analysis predicted. That economic growth would recoup a large portion of the revenue that would otherwise be lost due to applying lower rates.
And that’s what happened. It’s all detailed in Lawrence Lindsey and Martin Anderson, who played major roles in designing and implementing Reagan’s tax policy.
The Reagan program included spending cuts as well, but with Democrats in control of the House Tip O’Neill reneged on those and years of deficits resulted.
The only lowered tax rate that actually generated increased revenue for the Treasury was the capital gains tax cut, ironically passed during the Carter administration in 1978.
https://www.youtube.com/watch?v=FCk2-QVqCck
Laffer explains it. The cut brings in more revenue by making the economy take off. Also there is a high tax and a low tax amount that will generate the same exact amount of revenue... so why would you choose the higher?
A capital gains tax cut will generate revenue because investors will bring forward the realization of capital gains in anticipation that the capital gains tax rate will be raised when party control of government changes.