So, that not how they put it but this chart is pretty damning, despite the amazing claims made in the captions.

So look there were various dips in revenue sense 1965, corresponding mostly to recessions.

Indeed, one of the interesting points, made on the slide which proceeds the now infamous one is that you can make a much stronger case for the Reagan tax cuts which resulted in a revenue dip but it looks like we had almost a return to trend. Not quite but close.

However, one of these dips is not like the others? Which is it? I’ll give you a hint, it is associated with the mildest recession in the post-war period. It’s also associated with the Bush tax cuts.

See how unlike the past there is not even a hint of a return to trend?