There are several parts to this issue from what I can tell One of the bigger ones often mentioned is that raising taxes on the wealthy often results in higher prices on goods bought by the middle and lower class. The wealthy and the firms they often own will raise prices on their goods to pay for taxes.
Another other issue that is less mentioned is that there is a large industry that makes a good living off of avoiding taxes. These include lawyers, accountants and politicians. For this industry it is not good to have lower taxes. Higher taxes will mean wealthy businesses owners need to higher more attorneys and accounts to skirt the taxes, and make donations to politicians in order to create loop holes.
This is why sometimes it is written that lowering taxes, can result in more tax revenue taken in, along with other reasons such as a better growing economy.
One write up on this ~
The real reason Biden and the swamp want higher corporate tax rates
https://www.washingtonexaminer.com/...and-the-swamp-want-higher-corporate-tax-rates
excerpt~
Economists will tell you that hiking corporate tax rates
doesn’t help the working class or middle class. Budget wonks will tell you that hiking the corporate rate won't raise very much revenue. People who understand business and taxation will explain higher corporate tax rates mostly increase economic distortions by pushing corporations to structure their spending more around tax avoidance, effectively letting the tax code and politicians dictate business decisions.
Politicians will tell you, “That’s the point.”
Always remember why half of Washington wants higher tax rates and why nearly all of Washington wants a complex tax code full of loopholes, exemptions, and exceptions to exemptions: They want to force businesses and earners to seek Washington’s favor.
The 2017 Tax Cuts and Jobs Act lowered corporate rates to 21%, lowered individual rates, and increased the standard deduction. These rate cuts partly made up for the law’s failure to reform the tax code fully by simplifying it.
Full tax reform would abolish nearly all corporate tax credits, would remove many deductions, and close all loopholes. Tax reform helps the economy by removing incentives for companies to spend and invest in inefficient ways. When companies instead spend and invest according to what consumers demand and markets prescribe, then the pursuit of profit leads businesses to serve the public. When tax rates are high and the tax code is complex, companies instead seek ways to minimize taxes, which often involves pointless, costly maneuvers.
But nearly every loophole, exemption, and tax break in the economy is the fruit of special interest lobbying, and so Congress often lacks the fortitude to remove these favors. Second-best is reducing the
demand for loopholes by lowering the rates.
While a company may maximize profits from playing games to defer or offshore profits when tax rates are 35%, it’s still likely inefficient from an economic perspective. That is, companies pay (in inefficiencies) to lower their taxes. When tax rates drop to 21%, they’re not willing to pay as much to avoid taxation, which means less game-playing......
