Imagine any human endeavor in which those who are gifted, those who work especially hard, those who are the beneficiaries of family wealth, and those who are simply lucky are told that they will be penalized on a sliding scale based on their success. The better they are, the more they will be punished.
How many will continue to try to excel?
And once those who pull the sled the most decide to quit doing so, the sled stops moving. And those in back wonder why.
I have had a very clear example in my own life. Offered the opportunity to take on a new role that would have required a great deal more work, along with enhanced financial incentives, I chose not to pursue it. I did the math; the extra income would have been sucked away at a near confiscatory rate, so I'd be working my guts out for people who cannot - or will not - work. No.
When the performers have been taxed into oblivion and the sled stops moving, I really don't want to hear the complaints from those who refuse to pull and hate those who do.