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Here are the problems:
1. Taxation is a form of theft. 100% taxation is a type of slavery.
2. Who gets the "excess" money? the government?
3. People normally do not work unless they receive some benefit. There will no longer be any incentive to become a high-paying executive. Rich people will quit their jobs and corporations will be in serious trouble. There will be no incentive to continue working once a person reaches the maximum yearly salary limit. Total economic output will greatly decrease because of this.
4. People will resist. Government is not almighty. People will fight a massive seizure of money. The cost of fighting "insurgents" against this new system and the cost of enforcement may exceed any benefit which is obtained.
Stop trying to think of how to forceably or legally steal other people's money. Instead, try earning money and then giving that money to help others (if that's what you want to do). Don't force people into your economic system.
If you want to do this voluntarily, then that's fine with me. I think voluntary communism is quite a beautiful system.
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