See US tax top rates by year at this link:
Note the degree of change in the Reagan years.
Note the rates prior to 1964.
It would be interesting to compare what social changes started to occur in those same years, how essential community services started to erode and how people have been affected by the significant reduction of taxes on those who can most afford to pay.
The number of homeless people grew in the 1980s, as housing and social service cuts increased and the economy deteriorated. The United States government determined that somewhere between 200,000 and 500,000 Americans were then homeless. There were some U.S. federal initiatives that aimed to help, end and prevent homelessness, however, there were no designated homeless-related programs in the Office of Management and Budget.
The History of the United States (1980–1991) illustrates that this was a time when there was economic distress, high unemployment, and was the period when chronic homelessness became a societal problem. In 1980, federal funds accounted for 22% of big city budgets, but by 1989 the similar aid composed only 6% of urban revenue (part of a larger 60% decrease in federal spending to support local governments). It is largely (although not exclusively) in these urban areas that homelessness became widespread and reached unprecedented numbers.
Most notable were cuts to federal low-income housing programs. An advocacy group claims that Congress halved the budget for public housing and Section 8 (the government’s housing voucher subsidization program) and that between the years of 1980 and 1989 HUD’s budget authority was reduced from $74 billion to $19 billion. Such alleged changes is claimed to have resulted in an inadequate supply of affordable housing to meet the growing demand of low-income populations. In 1970 there were 300,000 more low-cost rental units (6.5 million) than low-income renter households (6.2 million). By 1985, the advocacy group claimed that the number of low-cost units had fallen to 5.6 million, and the number of low-income renter households had grown to 8.9 million, a disparity of 3.3 million units
The 1980s also saw a continuing trend of deinstitutionalizing mental-health treatment. It is believed that a large percentage of these released patients ended up in the homeless system.