If the tax rate lies to the left of T'', higher ta
If the tax rate lies to the left of T'', higher taxes would raise government revenue.  If to the right, reducing taxes would harder work and ultimately increase revenue.  First sketched out on a napkin, it was the graph of choice of the Reagan era.  FTP, what little bit of bullshit posited an inverse relationship between taxes and revenues?
If the tax rate lies to the left of T'', higher taxes would raise government revenue.  
Laffer curve