In 1981, an overzealous administration and an accommodating Congress passed a sweeping tax cut that exploded deficits without growing the economy. Within a few short years, Congress realized its mistake and in 1986 passed one of the most pro-growth reforms since the inception of the income tax in 1913. Here’s to history repeating itself.
Of course, that’s not exactly what happened, but it certainly sounds good. :-)
(Us greyhairs who were actually taxpayers in the 80’s, and remember the precise debates over and contents of the Reagan tax packages are the bane of revisionists everywhere.)