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 economy collapses and you get a revolution, mass emigration, and/or other major societal upheavals – probably as soon as a lot of people start going hungry…
There is only 9 meals between man and revolution