It is impossible that an individual can earn more than $1,000,000 a year without any other person supporting.
In the 1980's the highest paid person in a company made about 24 times the average worker. Today that number is 380!! This is the biggest reason for this insolvency.
Removing the cap, would decrease the overall rate which would make the effective rate about 3.7% resulting in an average $3000 tax break for individuals earning less than $150,000.
A welcome side effect of such legislation would be the increased cost of paying these obscene compensation packages to executives while paying the majority of the employees at poverty level.