Tax cuts and deregulation of many aspects of the economy are important. However, they are less important than keeping out the flood of Third World immigrants. If our immigration policies continue as they are, the US will be another Latin American country with a decrepit Latin American culture and economy. In other words, there won't be much of an economy to deregulate and not enough of a tax base to worry about cutting.
The economy of the Spanish Empire was crippled very early by the introduction of the encomienda system, which rewarded the conquistadors by making them feudal lords.
In the 18th century, Jorge Juan and Antonio de Ulloa surveyed the economic condition of parts of the Spanish Empire on a royal commission and described the retrogradation of the imperial economy, which already exhibited the extreme concentration of wealth, power, and opportunity that, 200 years later, was still firmly entrenched under the name, in Nicaragua, of Somocismo, after the Somoza family, which basically owned everything worth owning in Nicaragua.
(Side note: A congressional inquiry after the death of J. Pierpont Morgan -- nobody durst "inquire" about his affairs while he was alive -- found that the Morgan heirs owned or beneficially controlled 20% of everything worth owning or controlling in the United States of America. Congress promptly broke up the House of Morgan, giving us today Morgan, Stanley and J.P.Morgan Chase Bank. Insights like these have given rise to conspiracy theories like the "six families" or "sixty families" or however-many families, depending on whom one asks.)