So the whole 95% tax rate we had from 1945-1973... it generated no revenue at all?
Pretty much. Tens of Thousands of wealthy people and celebrities moved abroad. When the top rate was cut to 60%, revenue more than doubled.
Don't forget, Taxman by the Beatles was a protest against that exact policy.. "Should 5 percent appear to small".
Tax loopholes =/= higher top rates not being a good idea.
It's not necessarily about loopholes. It just distorts the economy in a way that lowers efficiency.
And regardless, high rates always lead to loopholes. You may not like this, but it's a political reality.