I mean, that is effectively what's happening to workers now, in a sense - worker wages have stagnated to the point that they are receiving much less of a share of overall profit than they were in the 70s and 80s, while executive compensation has skyrocketed.

The reason executives can't do what you're suggesting is because workers are already just scraping by. The wages as they are now are unlivable, if they're reduced any more, people will walk off in droves. I suspect if by some miracle it passed through both houses and the executive desk without a billionaire yanking it, and land were taxed to hell and back, they'd probably just eat it because it would still be more profitable than letting it sit fallow.