For the record, high tax rates came with generous tax deductions for reinvesting in the economy (i.e. your business and your workers). This helped lead to higher wages, more training, etc.
When Reagan and Bush came in and reduced taxes to the mid 38.5% and 28% on the highest incomes, deficits exploded and our national debt went into the trillions (it was about $970 when Reagan was elected in 1980). Worse, corporations are now keeping more of the profits, and failing to pay higher wages to employees (wage growth has stagnated for the middle class since 1980). Worse, they've spent their money buying lobbyists and politicians instead of investing in the economy.
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