This is hilarious in that many very rich people pay zero income tax today. In this system “all of a sudden” all these people would be paying taxes on exactly 500k. Near zero for them anyway but with an explicit albeit BS claim of funding the majority of government expense. From a bit of quick research the top 1% of earners are about 40% of the tax base.

Everyone gets screwed in this system but especially those paying a good amount of taxes and getting fewer votes like the 200-400k range. Or maybe not especially. This just an outright terrible idea.