What do liberals do when they want to restrict something?
The TAX it.
The best example of this is cigarettes. Raise the cost of smoking so high that people will quit. The more people that quit the less taxes the government receives.
So using the same logic, raising taxes on income means less revenue to the government, not more.
Look at New York, how many millionaires have abandoned this state in the last couple of years? They raised taxes on millionaires, and millionaires said "F U" and left the state, costing the state tons of revenue. Same thing happening to businesses in California.
If you want more revenue you don't try to restrict it, you try to encourage it, which is why lower taxes work every time it is tried.