The tax cuts enacted by Congress under George W. Bush in 2001 and 2003 stand as the greatest achievement ever for small government conservatives. While a good chunk of Reagan's historic tax cuts had been cancelled out before he even left office, Bush's tax cuts have lived on and on, draining trillions from the U.S. Treasury.
These cuts have not, as hoped, triggered deep cuts in government spending and "starved the beast." Instead, they have simply fed the debt.