According to the Laffer Curve, raising the tax rate

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The Laffer Curve shows that increasing tax rates beyond a certain point will eventually lead to a decrease in total tax revenue. This is because higher tax rates can disincentivize work, investment, and productivity, ultimately leading to a reduction in taxable income. However, at lower tax rates, increasing the tax rate can lead to an increase in total tax revenue as people still have an incentive to work and invest. Therefore, the effect of raising the tax rate on total tax revenue depends on the initial tax rate and other factors such as the elasticity of taxable income.

According to the Laffer Curve, Raising the Tax Rate