I'm not sure slashing witness pay is the best idea, perhaps electing witnesses that prefer to only take as much as they need for their projects and service rather than just being greedy and trying to drain the whole value.
People Re-investing what they don't need is something we need to try and make common place with witnesses. Transparency on all ends is needed for everything to run properly in my opinion.
We should elect witnesses who deliver the most value to the network. There is plenty of work to be done supporting, improving, building, and building upon this platform. No reason we can't find just 19 (plus some runner-up) witnesses who are all absolutely great.