That is a socialist agenda - wealth redistribution. If you had any clue of how that works long term, you would likely be against it.
Take the wealth from those not in political power (those in Congress would exempt themselves), and spread it to all - to be "fair". You then have a ruling class of aristocrats, and everyone else. That is what the USSR was trying to accomplish, as was China, and Korea. How did that work for them? The regular people all descended into poverty, as government officials became more corrupt with their absolute power.
How much of my money should I "allowed to keep"? I worked and earned it, why should I be forced to give it to someone who did not work to earn it?
Let me ask you this. If the rich are taxed out of their money, where is there incentive to create jobs? If you think that the rich do not create jobs, then show me a poor man who employs a rich man. Is your boss richer or poorer than you? Why do people run businesses and hire others? Last I checked it was to gain money, which is just a physical symbol of power - which is to get others to do what you desire.
The federal government's duties should not include social engineering, nor welfare programs. That should be done on local and state levels. The federal government should conform to the spirit of the law, and follow the original ideas set forth by the founding fathers. I suggest that everyone go back and actually read the documents that they provided as a blueprint.