Not really. Wealth attracts people primarily due to change in relative status as compared with other people. So if you do progressive taxation, someone who makes 1 million before tax still ranks higher than someone who makes 2 million before tax, even if ends up that they make 700,000 and 1,200,000 respectively. Due to the marginal utility curve of having more money, they really aren't that different off in other non-status related respects either.

It certainly can have adverse affects on investment payoffs that distort market logic; if you could figure out a way to progressively tax consumer consumption instead of income you could get around that.