In general,raising taxes:

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Raising taxes may initially lead to an increase in revenue collected by the government. However, as tax rates continue to rise, individuals and businesses may begin to adjust their behavior in order to avoid paying higher taxes, and the overall revenue collected by the government may actually start to decrease. This is known as the Laffer Curve, which suggests that there is a point at which tax rates become so high that they actually reduce government revenue. Therefore, the returns to revenue from raising taxes are generally diminishing.

In General,raising Taxes