If all the money ends up in hands of billionaires and their corporations and there will be no money in hands of regular plebs…
Who do you think will have to pay the taxes?
Also, the people would figure out a different way of trading or currency. And with that one getting taxed, all the billionaire’s money become worthless.
Rich people can be fools, and a fool and his money are soon parted. That’s why much of the economy is just everyone trying to scam everyone else.