Not really, you’re talking about active income and that is already either taxed like personal income (e.g., a subchapter S) or otherwise covered if regular corporate income.
The reality is that many, many small businesses put capital into their business and when they get a return on that it is taxed like regular income when in reality it is investment income.
If we tax investment income as highly as active income we will really be putting a major, major drag on the economy, as people will simply consume rather than invest.
Simply tax all income the same ~ at the lowest rate with the greatest number of deductions, exceptions, exemptions and credits.