Well, obviously. We have a progressive tax system, and the rates can be adjusted to achieve the optimum tax revenues. Some brackets can be raised and the others can be lowered.
How about this? Lower the highest marginal income tax rate to 30% and increase LT capital rate to 25% (up from 15%) and fix ST capital gains and any gains from derivatives trading at 35%, regardless of your tax bracket.
An older example is the luxury tax: an excerpt after a quick search:
"But it wasn't long before even those die-hard class warriors noticed they'd badly missed their mark. The taxes took in $97 million less in their first year than had been projected — for the simple reason that people were buying a lot fewer of these goods. Boat building, a key industry in Messrs. Mitchell and Kennedy's home states of Maine and Massachusetts, was particularly hard hit. Yacht retailers reported a 77 percent drop in sales that year, while boat builders estimated layoffs at 25,000. With bipartisan support, all but the car tax was repealed in 1993, and in 1996 Congress voted to phase that out too. January 1 was disappearance day."
LOL. A luxury tax isn't quite the same as income tax now, is it? Sure, a luxury tax may discourage the wealthy from buying yachts, but they're not going to intentionally earn less just to avoid paying income tax.