Could the Income Tax be Turned into a a Progressive Consumption for all but but Some of the Top 1%

Could the income tax be turned into a a progressive consumption tax for all but some of the top 1%?  I think it could, by allowing Americans to contribute up to $5 million lifetime before taxes to an IRA. Withdrawals would be allowed at any age and would be taxed as income. You would also want to raise the rates a bit and eliminate the corporate tax, the corporate tax being a tax on saving and investing.

This would greatly simplify my tax return!