No, no, no.
Cutting tax rates encourages wealth production and grows the economy.
Increasing taxes punishes wealth production and shrinks the economy.
Here’s the thing. Whatever the tax regime, the Govt ends up with about 18% of GDP. That’s the empirical amount, that’s what happens in economies as different as e.g. Mexico, Sweden, Dubai - and America. 18% is about all that can be squeezed out of a country while keeping it as a going concern.
So the solution to improving the economy AND reducing the deficit are the same solution. Reduce taxes, reduce regulation, reduce legal vulnerability - and let the wealth producers do what they’re best at. 18% of a bigger pie will pay down that deficit.
Hope this is helpful.
Believe what you wish, but the historical link between taxation of higher income individuals at anything below confiscatory levels and economic growth is tenuous at best.
In the meantime, we continue to run structural deficits due to the voters demands for services that we cannot afford at current levels of taxation; this is the problem with “starving the beast”: we end up with BOTH “Tax and spend Democrats” AND “Spend and borrow” Republicans.
Of course, people are free to believe that eventually voters will see the light and accept much lower levels of spending, or that eventually we will experience a salutary economic collapse which will force them to do so.
This did not work out so well for conservative in the 1930s.