It would put rocket engines on the economy.
What? I hate to break it to you, but the American economy is not as simple as "rich people have everything and are happy", in fact it's quite the opposite. Biden and the democrats "put rocket engines on the economy" in 2021 passing the American Rescue Plan by making sure that real people had real money to spend. For real. And all the right-wing media *hated* it.
Rich people are rich because they *don't* spend their money. All of this money that isn't being taxed from the wealthy is going to be tossed into banks or other direct assets, and the economy will be directly suffering for it, all while a higher percentage of what little the average Americans are earning are going to be tied up in more taxes rather than spending on goods and services. The right is quick to point at the stock market like that is the one and only indicator of the economy, but it's only one part of the whole like Trump appears to be learning for the first time with the jobs report from last week. Wealth transferred to the rich is wealth being *removed* from the economy because they are not active participants who are hoarding their wealth like dragons. Instead of taxing this dragon hoard wealth which is being held outside the economy, we are taxing the wealth that is active in the economy and reducing it. This will directly shrink the economy.
Scrooge McDuck was the villain.