>Fair point, except that billionaires already minimise their income exposed to payrol tax and can simply shrug at removal of a cap. You'd need to widen the tax platform for this to work.
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While it's true that tax rates are much too low on the wealthy, hiding salary by taking income in other forms is more difficult now than it once was.
So if Alex Rodriguez wants to build a house for $50 million at least a good slice of that will have to have come in the form of salary.

John, I have to say that your basic premise that young people subsidizing older people is somehow evil is way off base.
That's how civilization works.
Because of the way humans learn and adapt, newer generations have generally been smarter and more efficient than prior generations, and therefore have more wealth (wealth being spare resources) at their disposal.
That notion has come into question of late, but that's a blip on the curve that will eventually straighten itself out.

One of the ways the newer generation uses that additional wealth is help support their progenitors who, because of advancing age and obsolete knowledge are now relatively less efficient.