It could, but it shouldn't unless your goal is stagnation with a lower standard of living under the control of cartels and oligarchs - this is a consequence of the regulatory fundamentals that have been in place for quite some time.
You'd be amazed how much fiscal policy can fix, even in the current messy state of other regulations.
> You presuppose that it's an unalloyed good to tax someone more if they make more money. Why?
Not always and not at any level, it depends, the devil is in the details as usual.
I'm seeing no evidence that how much a nation taxes corporations affects its standard of living or political systems one way or another[0]. Norway and Cuba collect similarly high amounts (as a percentage of total tax receipts); the US rubs shoulders the likes of Spain, France, and Finland, as well as Cabo Verde and Tunisia in its relatively low collections.
[0]: https://www.oecd.org/en/publications/corporate-tax-statistic...
As far as I know there are quite a few loopholes to be exploited which don't trigger a taxable event, loans using assets as collateral is one of them but there are a bunch of other nice holes that creative and well paid accountants/lawyers find if you have enough money for their services.
The corporate income tax rate could be zero for all I care; the money's taxed when it gets transferred to the actual people that own the corporation, anyway.
> The rest come almost exclusively from Social Security and Medicare taxes and there, the top 1% provide about 1% because their contributions are capped at a very low level.
You presuppose that it's an unalloyed good to tax someone more if they make more money. Why?