Let's cut to the chase here. There is a basic truth in economic theory and reality concerning sovereign tax rates... there is an optimum tax rate in which revenues peak. Anything less or more from this optimum rate results in less tax revenue. That rate is debatable, but the consensus is that it is somewhere in the 10 to 13 percent range.
As we learned time and time again, is that tax policy is a leading cause of economic activity. It is the lag time most folks don't comprehend. Even if taxes were reduced to optimum levels there is going be a delay in the effects of said cuts. Revenues will go down for a short time until the free markets adjust. That is just simply the way it works.
If you want less of something. Tax it more.