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" ... From 1976 to 1981, the federal tax take went up steadily from 17.1% to 19.6% of GDP – an outsized rate of growth of 3% per year that had it lasted, would have had the government sucking in a quarter of the nation’s output by the end of Reagan’s term. Why on earth would Reagan have campaigned for a tax cut that would be a magic formula for increasing revenue? Such a formula was already firmly in place in the form of a brutally progressive, unindexed tax code in the context of double-digit inflation. ... "