I read somewhere [citation needed] that the reason that you don't see a real correlation is that the rich effectively tend to pay somewhere around a 40% tax rat

I read somewhere [citation needed] that the reason that you don't see a real correlation is that the rich effectively tend to pay somewhere around a 40% tax rate. As tax rates go up, it starts to pay to look for tax shelters, and get non-taxable benefits from their company, and so on, and by the time all is said and done, they won't pay more with the higher rate. If true, raising the tax rate won't get any more money for the government, although it might be good PR for the rich and good income for their accountants.