Well yes but recall that nobody paid 70% unless they had a fool for an accountant. Those were the days of the fabled "tax shelters," labyrinthine regulations that allowed wealthy taxpayers to "shelter" their income by investing or parking their money in favored safe havens.
When the rates dropped to realistic levels part of the deal was that the bulk of those shelters expired. Taken as a whole it was a greatly beneficial reform.
“Well yes but recall that nobody paid 70% unless they had a fool for an accountant.”
I think that’s true for the very rich, but for someone making 100k to 200k a year, the tax reduction was a real boon.