Yes it was. The ultra rich simply shielded their incomes. When the Kennedy administration reduced the tax rates the government actually took in more revenue.
how would you suggest we do so?
CUT THE SPENDING - DRASTICALLY. For a very slight start do what was done in the 90's when the Republicans forced Clinton to cap welfare by cutting off people who didn't look for work. Cut the allowance for dependent chillin. DON'T pay illegal immigrants a single solitary penny. Freeze federal government employee salaries for the next 5 years. Fire everyone in the ATF. etc.