In tomorrow’s Wall Street Journal Arthur Laffer has an excellent op-ed where he asks the following question:

Anyone who is familiar with the historical data available from the IRS knows full well that raising income tax rates on the top 1% of income earners will most likely reduce the direct tax receipts from the now higher taxed income—even without considering the secondary tax revenue effects, all of which will be negative. And who on Earth wants higher tax rates on anyone if it means larger deficits?

This question has been asked and answered.