Limiting by total income disincentivises companies to spend heavily to produce e.g. films, plays, video games, whatever.
I'm not sure we'd be any worse off as a society if, say, Disney wasnt incentivized to make 34 marvel movies.
There are things where we desperately need large scale investment (e.g. manufacturing, green energy) but big budget artistic productions is probably one area of the economy where we could easily live without it.