Lower tax rates increase government's tax revenue | OregonLive.com
In 1921, the Coolidge/Mellon tax cut lowered the federal maximum marginal income tax rate (i.e. "taxes on the rich") from 73% to 25%. Revenue to the federal government rose by 2%. At the same time, the percent of the tax burden paid by "rich" people nearly doubled.
In 1932, the federal maximum marginal income tax rate went from 25% to 63%. Government tax revenue dropped from $834 million in 1931 to $427 million in 1932. The tax burden on people making less than $25,000 went from 21% in 1931 to 36.5% in 1932, while the burden on the "rich" decreased!