Time to compromise. $1M ain't what it used to be. 40% at 1M and go progressive with the rule that the next level will have a substantially higher take home. Otherwise, as you've said, it would kill incentive.
Just in general, I don't wanna put you on the defensive......I've never advocated anything like socialism. But unbridled Capitalism is dangerous to common folk, many of whom are common by choice. Not everyone values money the same. Either we're all Americans.....in the same boat. I cover you're back, you cover mine.
Or not. If that's the case, what have we got? How much money does anyone need? Corporations have killed the competition here.....no Ma & Pa's. And then everyone complains that we've lost our jobs to China and India.
Ya need a mix.....Capitalism with heavy restraints. Watch this vid and look for the relationship that these govs seem to have with the people. It seems to be synergistic instead of antagonistic. Hard to tell from a vid what life is really like in these places, but geez.....it sounds pretty good. Worth thinkin about at least.