Yep. But Reagan also knew that historically there was a takings line beyond which the benefit outweighed the return. Solon had it just about pegged in his reforms in ancient Greece when he came up with his fifths plan.
A fifth for seed.
A fifth for government
A fifth for sale
A fifth for food
A fifth for the beasts of burden
(Something like that, or so I remember from a history class about a gazillion years ago) Beyond that and you upset a necessary balance.
that line was the Laffer Curve, and it was talking about when taxes became counter productive - on the high side.
My biggest problem with the Trump Plan is that 50% pay no income tax. I’m not sure that’s a good thing. It is gets rid of earned income tax credits, that’s a good thing. Also, the class warfare rhetoric is worrisome.