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.
The majority population falls into progressively more desperate poverty. Work hours are extended for less and less personal gain and greater risk of injury, disease, and disability. Recreation, autonomy, and actualization become ever more out of reach.