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Yes, but it would also negate the need for as much distribution to the worse off, and it would probably improve general feelings of wellbeing for all but the one no-longer-billionaire (although arguably they might actually be more content with less).
Pre-distribution is how I think the Nordic countries refer to it.
But...
If you had 200k, and paid it all to one person for doing their job they would contribute more taxes than 10 people being paid 20K to do their job.
More tax money is a good thing no? So surely its not as simple as people with money = bad?