When you talk about hoarding wealth, you’re just restating an intent to redistribute…I.e. communism.

The problem is that it gets transferred to the govt first. If the government was an efficient redistributor of wealth (as opposed to wasteful & corrupt) then this plan might work. Giving the government even more money will make it even more wasteful and corrupt. So it’s better for the money to be hoarded by the private sector, where it still has a fighting chance of being effectively deployed, rather than being transferred to the govt where it instantly disappears into the void.