The ever imaginative Collective in the comments section of Semi-Daily Journal floats a Lafferite trial balloon:
Leaving aside the fact that Mondale was dead right when he warned in '84 that taxes would have to be raised...
Upon being informed:
When Mondale made his statement that Reagan was going to have to raise taxes, the top marginal rate was 50%. In 1986 it was reduced to 28% (or 33% if you were caught in the bubble). Even under the Clinton tax increases, it never got above 40%.
The dark truth comes out:
Sure, the top marginal rate was 50%. Doesn't mean those of high incomes actually paid that much, even on the margin, since the tax code is complicated and most of the complications are there to benefit the wealthy and powerful.
The 1986 tax "reform" act, which lowered the top marginal rate to 28%, was specifically designed to be revenue neutral -- meaning lower marginal rates were offset by higher effective rates on previously tax-favored items. Nevertheless, the net effect was to raise revenues, at least in the first two years.
We'da never guessed the usual suspects were on board the Bush Express.