The AMT came in to existence by:
The AMT was enacted by the Tax Reform Act of 1969[15] and went into effect in 1970. Treasury Secretary Joseph Barr prompted the enactment action with an announcement that 155 high-income households had not paid a dime of federal income taxes.[16] The households had taken advantage of so many tax benefits and deductions that reduced their tax liabilities to zero.[17] Congress responded by creating an add-on tax on high-income households, equal to 10% of the sum of tax preferences in excess of $30,000 plus the taxpayer’s regular tax liability.[18]
So because congress was unhappy that 155 wealthy people - out of millions - hadn't paid income tax that year they made a special law to target them. And over time that law ensnared millions of regular taxpayers... How long to you think it will be before your plan for hitting the "wealthy" hits everyone else? In 50 years the dollar may be worth zip and an income of $500,000 a year be that of a fast food cook...
Repeatedly those who try to selectively whack the wealthy end up whacking everyone else - in more ways than one.
No worries: include in the same legislation a reform of the way the CPI is calculated, back to the old way (so we’d now be showing 10% inflation) and index all dollar-amount caps and brackets in the tax code to inflation defined as the maximum of the CPI, PPI and GDP deflator measures on a quarter-by-quarter basis.