When you take $$$ beyond a certain point from he wealthy who own or operate businesses, the ones owning it will simply scale back and not make the extra money if there's no financial reward in it. Workers become jobless.

They operate business under corporations to limit liability from lawsuit. They pay personal taxes on the money they receive from the corporation they own. Then the corporation also pays taxes or finds tax credits to purchase to reduce that amount. In essence, already double taxed. The tax credits fund low income housing, renewable energy, and many other socialist programs.

Take away the tax credits, low income housing stops. Renewable energy stops. Lots of other private funded, government sponsored programs stop. Meanwhile, the working poor become the unemployed poor with nowhere to live.