"Somebody might work around it" is never a good argument against a policy. Whatever the policy's goals are, even a version full of loopholes will accomplish more of those goals than not implementing the policy at all.
The point is that it won't be effective. We'll get a situation like [1] that takes decades to fix:
> Concept and origin (1991)
> Partial closure (2018)
To essentially cap wages, you could use higher tax rates in higher tax brackets, and that might actually be enforceable as it would leverage the existing enforcement apparatus that has decades of experience patching workarounds.
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