Given the consistency of tax receipts as a percentage of GDP, growth obviously supersedes marginal rates as the driver of tax revenue.

FORBES: The Problem With Supply-Side Economics

Since tax evasion is a major driver of the underground economy, efforts to expand the tax base and improve tax collection can help curtail illicit flows, says Kar.

FORBES: India Has Lost At Least A Half-Trillion Dollars To Corruption Since Independence

"The federal tax increase was the primary driver, " Howard said.

CNN: Smokers feeling abused as federal tax hike hits