Before tax cut of 1964 politicians felt that they must balance the budget. Keynes, himself, might have been surprised that economists would recommend using his ideas to fine tune the economy. Today almost no economists believe that fine tuning the economy is possible. Supply Siders are probably correct in that the government worries too much about aggregate demand and not enough about aggregate supply. This famous curve indicates that the Tax revenue peaks and then rapidly declines as the tax rate t increases.
People shift to barter, keep activities off the books, and obtain increasing number of loopholes.
This so stimulates the economy that overall tax revenue will actually increase. Reagan administration did create a business renaissance. Volker successfully created a major recession that eliminated inflation and he kept interest rates high in order to prevent reoccurrence of inflation. With the economy taking off and consumers on a spending spree, imports were very cheap. If you were a manufacturer, you either had to cut costs of production or get out of business.