Would it work? For the middle class, the poor, working people in general, history shows that it would be a vast improvement over the winner-take-all society that got its major impetus from Reagan's tax cuts. Since that day the economic status of the uber riche has skyrocketed beyond beyond what the human mind can even fathom, while the average American's status has stagnated or plummeted. Infrastructure maintenance was halted in the 80s. Mental illness has grown substantially. Health care bankrupts thousands of people.
Now, for the top echelon of corporations, and for billionaires and multi-millionaires, they will be unhappy. If you cut their income from $2 billion to $1 billion per year, or their wealth from $30 billion to $15 billion, they will become apoplectic. Because, you know, freedom. Hell, just to get them to pay their share under current rates, or any taxes at all, is an affront to their beliefs about life.
So, the answer to the question of "will it work" depends on where you stand in the distribution. I stand with average working people.