You are right on target regarding tax hikes.Reagan's 25% across the board cut in personal marginal tax rates resulted in more, not less, taxes collected. High tax rates discourage work effort,savings, investment, and promote tax avoidance and evasion. Throughout American history,most tax hikes have resulted in fewer taxes collected following the tax hike.(See Great Depression)

The top 10% of earners paid 48% of all taxes collected in '81 to 57.2% in '88, while the bottom 10% of earners paid 7.5% of all taxes in '81 to 5.7% in '88.

High earners provide investment seed money,pay more than their share of taxes, and help support many lower income Americans. Punishing them for being educated and successful by taxing them excessively is counterintuitive to the American Dream.