It doesn't apply to the masses by definition. Just whoever has "too much" of anything, where "too much" can indeed be defined in a problematic way.
The UK is a great example of how progressive taxation hasn’t really worked out - our former PM paid about 20% while earning millions while someone earning £100k can be hit with 60%[1]
These ‘great ideas’ require economically illiterate proponents to pass muster.
[1] https://www.buzzacott.co.uk/insights/exposing-the-60-income-...
Either we as a society decide on these matters or "the market" does. Turns out the market always decides there's no such thing as too much.
Who would've guessed it?