Wouldn't that pay scale push many talented people to work in private industry? At that pay it would be difficult to retain computer science faculty for example, where universities are already struggling with a shortage.
I was very passionate about the work I did in academia, but I did not want to force my wife to live in a region where she could not really get a decent job, and my income would barely have been enough to support children in the early part of the academic career. I am strongly considering going back to academia in a few years, after the income doesn't matter as much anymore.
Making the financial disincentive even stronger would filter out a certain type of person, and is not a great way of achieving diversity of people.
I about to quit my job and work on it again for fun.