If you continually increase taxes, it will eventually lead to less income for the government

This is because wealthy individuals will either figure out ways to avoid taxes (legally or illegally) or they will just move away all together. The top tax bracket in Canada on income is already 53%, not to mention taxes of at least 5% (GST) on goods, plus luxury taxes on goods like nice cars/vehicles. So no, taxes are high enough for the wealthy, figure out how to make do with the money that you have.