Just to add some information to your post, here's a Wikipedia article showing the top rates from 1913 on: http://en.wikipedia.org/wiki/Income_tax_in_the_United_States#History_of_top_rates
From 1944 to 1963, people making $200,000 or more ($2.5 million in today's money) paid 90%+ in taxes. Then, from 1964 to 1981, the top rate was 70%. Now? 39.6%. If we made a new top rate of 50% for people earning $1 million or more, how much more money would we bring in?
So you want to revert to the tax code from 1944-1960's era is what you are saying? I'd be fine with that, but we'll have to make sure we get rid of subsidy programs as well.
However, I don't understand something with those tax codes of yesteryear or the request you are making now of a %50 rate for folks making 1million or more. I'm guessing you want it stepped so folks making 900k would pay just shy of 50% correct? If you earn $1,000,000 and give 50% of that income to the federal government, what is left for the State Government, or City Government, or county government? So out of that 1 million, there may be 200k left on the table that you can take home correct? So who are you working and earning money for? Your family or those who didn't work as hard as you to earn that money? And hell, if you got lucky and earn that much, why penalize that person's station?
It's also foolish to think that the folks in power that already have wealth are going to give it away to the Government. This would be just another means to keep people from earning wealth. You won't pay taxes on dollars you already have, only on what you earn. So these types of old tax policies keep the wealthy, wealthy.