I agree with you in principle here, but to play devils advocate, $1,000,000 isn't a whole lot of money. A worker will make around that much at $25,000 a year over 40 years. If we have to keep money/capitalism, the limit should probably be around 10-15 million. That's still pretty high, but not egregious. Give or take ~40yrs on a high FAANG salary ($375k/yr). Still firmly upper middle class IMO.
I don't mean earnings over a lifetime or career, but currently. A worker making $25,000 a year will still probably never see a million dollars regardless of the limit. Maybe everything above that is taxed 100%. I don't know.
But the point is kind of to eliminate the upper classes and scale the economy back into the reach of most people. So there would be no FAANG salaries. The cost of everything (healthcare, education, housing) would go down. It would place a hard limit on political influence that isn't too far out of reach of current Congressional salaries and would probably limit pork barrel politics and insider trading as well. It would end inherited wealth and maybe even limit the length of copyright.
That's an admittedly naive and utopian view and I'll admit there are bound to be complexities and externalities I'm not taking into account because I'm not an economist. But it's either that or we seize the means of production and put the rich to the guillotines until the sewers choke on their blood. And then something something luxury space communism.
