According to the Laffer curve, raising the tax rate

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According to the Laffer curve, there is a point at which increasing tax rates will actually decrease tax revenue by discouraging work, investment, and other economic activity. Therefore, increasing the tax rate may lead to any of the following outcomes: an increase in tax revenue if the original tax rate was on the left side of the curve, a decrease in tax revenue if the original tax rate was on the right side of the curve, or no change in tax revenue if the original tax rate was at the peak of the curve. So, it might increase, decrease, or not change the amount of tax revenue.

According to the Laffer Curve, Raising the Tax Rate