Economist Robert Frank points out the problems with trickle-down economics (which argues that higher taxes produce disincentives and reduce economic growth).

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Trickle-down theory also predicts shorter workweeks in countries with lower real after-tax pay rates. Yet here, too, the numbers tell a different story. For example, even though chief executives in Japan earn less than one-fifth what their American counterparts do and face substantially higher marginal tax rates, Japanese executives do not log shorter hours.

Trickle-down theory also predicts a positive correlation between inequality and economic growth, the idea being that income disparities strengthen motivation to get ahead. Yet when researchers track the data within individual countries over time, they find a negative correlation.

See the discussion of this article at Greg Mankiw's blog:
Greg Mankiw's response
Robert Frank's response