We also want a compounding (progressive) tax rate to address compounding wealth (and perhaps we need a wealth tax?).

Yes, although I tend to think this produces better incentives and is easier to administer if we formulate it as progressive corporate taxation. This structurally discourages mega conglomeration and encourages spin-offs to enhance competition. Also, taxing at the source of profits obviates the need to track down the destinations of profit, who are far more numerous and easy to hide.

The non-explosive way to do this is simply to set the heel above the megacorps today and let inflation push them into it. They will be able to avoid the heel by splitting at their leisure, slowly remediating the consolidation we have seen and restoring competition.