Earlier quoted context omitted.
A better strategy would be to do away with income tax altogether and replace with something easier to comply with and enforce like a Federal sales tax. States that run on sales tax alone need only to collect revenue from businesses, which shrinks their staffing requirements. And since it's a straightforward % of sales, it's easier to audit as well.
I have no issue with billionaires, and don't resent their cash. But if you drop all income tax, and do only sales tax you'd miss a lot of their income. Same for the moderately wealthy too. I suspect you'd need 100% or even 200% sales tax to capture what you so now. That's going to lead to black markets, reduced economic output, etc too.
The economic output would increase as compliance costs would be reduced. Furthermore, you could roll forward investments without needing to pay income tax, so that would lead to a compounding effect on economic output.