I still think that the death penalty is just too high, even if payouts were higher or not, a single random death in free roam should never negate the total earnings from a mission... Especially because most low end missions (Ranks 0 - 14) are all pretty boring.
Most of the PvE missions are boring, stupid missions so far. Go to point A, kill guys, drive to point B. The only reason you would play them is to get money and RP. No sane person would ever play these missions for the fun of it because they are the lowest on the low of open world mission types.
But, when a single death results in a penalty that negates those very tedious missions, it makes the game tedious. The result is that nobody wants to have fun in the world or test the limits of the world. In GTAIV, in Free Roam, if someone drove by and shot me with a rocket launcher and it blew me and my vehicle into the air, I'd think to myself "oh man what a jerk!" and laugh about it, chasing the guy down to get my revenge. In GTAOnline, if someone does that to me, I am legitimately pissed because it just undid the time of doing boring PvE missions that you need in order to make the free roam enjoyable.
My reaction to getting randomly killed, now, is to get into a car and drive away as fast as possible from my other players... and to avoid every other player in the game.
The death tax is enormously high for an open world, sandbox game. And, on top of that, the activities that you do (missions) for making up for the death tax are largely really boring, dull activities.
I was very surrpised when I started the game and found out that you can't "hide" your blip like in RDR by crouching or not firing. I think those are all good ideas, except I also think the death penalty needs to be removed or there has to be a chaos-free-roam mode or something that allows you to enjoy yourself without the fear that 5 deaths in 10 seconds just undid 4 hours of gameplay.