A progressive tax system can only lead to long term economic decline. Punishing people who make more money will drive away capitalists. Like electricity, capital always flow to the path of least resistance. Over the long term, money will move elsewhere.
What is needed is a system of flat tax with no loopholes for everybody, i.e., no tax credits, rebates, deductibles, etc. Everybody pays the same tax rate. Hong Kong is an example of a country with a flat tax rate for everybody and that's one reason it's doing so well. But Hong Kong also has minimum wage. Minimum wage is sometimes necessary to prevent unbridled capitalism leading to exploitation and to ensure social stability.
Better still is zero income tax. That is, replace income tax with a sales or consumption tax. This way, everybody has to pay tax. The rich will pay more tax because they usually spend more. The argument against consumption tax is that it will cause hardship to the poor already struggling to make ends mean. To address this, some basic necessity items like rice, milk, cooking oil, etc., can be exempt from consumption tax, or there can be welfare programs for the very poor. Welfare is sometimes necessary to ensure social stability. But welfare should be minimal. There is this true story in ancient China. Once there was a famine in some parts of China and refugees started arriving at a wealthy city. The city folks were very kind and gave the refugees a lot of good food to eat (instead of giving only porridge - the food traditionally given to refugees) to the extent that the refugees later refused to leave or work. When the Emperor heard of this, he passed a decree that refugees could only be fed porridge and only two meals a day. If they wanted more, they had to work for it.