To which the common retort is "but nobody actually paid that because prior to the tax code simplifications of the 70s you could trivially reduce your burden in all sorts of ways"
Not only that, the tax avoidance schemes required investing in tax shelters, which were usually very poorly performing investments. When Reagan exchanged the lowered tax rates for elimination of those tax shelters, it allowed capital to flow instead to productive investments, which helped the economic growth.
Then surely, they would have no problem returning to that exact system right? No they want to avoid that by all means necessary? Sounds like they know how much it truly effects things.
As a purely theoretical concept I don't think it's a big deal. It wouldn't have a large effect on me personally. That said, society might hurt a bit from the tax shelter vs productive allocation of capital problem another commenter above mentioned. As a practical matter I have zero faith that the usual scumbags would not corrupt the process leaving everybody with higher taxes than either system and then gaslight everybody into thinking they're paying less. Look at how healthcare turned out.
Imo we are well bellow the Laffer curve.