Myth #1 debunked: Reagan cut personal income tax rates (from 70 percent in 1980 down to 28 percent in 1988), but the amount of taxes collected increased during his two terms. With the exception of the recession period, tax revenues always went up.
"...total federal outlays went from $678 billion in FY 1981 to $1,144 billion in FY 1989, for an annualized growth rate of 6.8 percent. Over the whole period, therefore, total federal tax receipts grew by a cumulative 65 percent while total outlays grew 69 percent. The problem with 'Reaganomics' wasn’t that it 'starved the beast' of revenue, but rather that the federal government let spending grow faster than tax receipts."
Source: The Freeman