Did The Regan Tax Cuts Lead To More Tax Revenue Paid By High Income Earners?

See The Reagan Tax Cuts and Revenues from the Rich: A Lesson on the Laffer Curve for Barack Obama by Dan Mitchell. I think the table should say that the numbers are in the thousands. For example, in 1988, on the 200k-500k line the taxable income shows $134,655,949. Only 134 million. But it must be 134 billion. Excerpt:

"To be fair, though, some folks on the left are open to real-world evidence. And this IRS data from the 1980s is particularly effective at helping them understand the high cost of class-warfare taxation. 

There’s lots of data here, but pay close attention to the columns on the right and see how much income tax was collected from the rich in 1980, when the top tax rate was 70 percent, and how much was collected from the rich in 1988, when the top tax rate was 28 percent.

The key takeaway is that the IRS collected fives times as much income tax from the rich when the tax rate was far lower. This isn’t just an example of the Laffer Curve. It’s the Laffer Curve on steroids and it’s one of those rare examples of a tax cut paying for itself.

Folks on the right, however, should be careful about over-interpreting this data. There were lots of factors that presumably helped generate these results, including inflation, population growth, and some of Reagan’s other policies. So we don’t know whether the lower tax rates on the rich caused revenues to double, triple, or quadruple. Ask five economists and you’ll get nine answers.

But we do know that the rich paid much more when the tax rate was much lower."