"Under both Republican President Calvin Coolidge and Democratic President John F. Kennedy, high-income people paid more tax revenues into the federal treasury after tax rates went down than they did before.
There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas. At lower tax rates, that money comes out of hiding and goes into the American economy, creating jobs, rising output and rising incomes.
Under these conditions, higher tax revenues can be collected by the government, even though tax rates are lower. Indeed, high income people not only end up paying more taxes, but a higher share of all taxes, under these conditions."
Reagan and Buckley: Democrats Don't Major in Economics:
From one of several appearances Reagan had on Firing Line: Buckley: How do you account for the opposition that you did have? Was is simply people who didn't major in economics? Reagan: I think so. But also the opposing party has always been the party of wanting more revenue.....I have a strong belief that tax cuts very often result in more money for the government, rather than less.