It is helpful, bc most people have no idea how extreme a departure 1980 was in terms of America's fiscal and social welfare policy. Federal tax rates weren't just cut, or decreased, they were demolished, w the highest marginal rates dropping from the 70% to the 50% to 28% by 1989 
As were our "highest in the world" corporate tax rates, which in the graph above are do not reflect the 2017 GOP tax bill which cut them down to 20%, which will likely have massive impacts on debt and deficit (it already is, BTW impacts that are NOT being offset by the promised
6% GDP growth rates these cuts were supposed to generate. But it's also important to note that there were other problems that plagued the American economy back then, that have seemingly disappeared, namely inflation and stagflation. So increased tax rates would likely produce
some negative externalities. That said, as I tell my students every semester, if a person wanted to run for president honestly in America today their message would have to be that we are in massive debt, we are dramatically under-investing in infrastructure and R&D, we can't let
old people die sick and in poverty so we need Social Security and Medicare and we can't let the Chinese rule the planet bc they've figured out how to generate wealth without freedom, so we need a large military. As these three things drive 75% of our spending, the only solution
for every single American, poor, middle class, and rich, to pay more taxes. Probably about 5% for the middle class and poor and 15% for the rich. That ought to be enough for us to operate what we have now & invest in the future. Its tough medicine, but its the truth. Vote for me!
See the issue? That person would NEVER win an election. Voters want to be told things can be fixed without any sacrifice on their part. There hasn't been a candidate in history that ran on a platform of "middle class taxes are too low." But they are, if you want a nice country
that is number 1 in more than just its own head.
