Negative income tax

Why don't we impliment this? it seems like the answer to so many problems, is it because the IRS is to afraid of fraud?

My idea (go ahead and tell me if it sucks):

1.  No tax on corporate income.
2.  Massive tax on personal income above $1 mil.

The idea is to reduce operating costs.  These savings will create an increase in wage earnings, income tax from which the lost corporate tax will be made back.  Real wages will relatively increase and corporations will be more competetive on the global market.