I've been advocating some form of that for years. It's the ONLY equitable way to tax. I'd call it the "fairest" way, but I don't believe there's any such thing as "fair". Like Utopia, it's an interesting concept, but nothing else.
I've never understood the relationship between one's tax burden and one's income. They have nothing to do with one another in a free society. We're all citizens and we should all pay the same dollar amount of taxes.