I did not say "it was". I said "what about" and "it can lead to". Reread again.
There is a tendency demonstrated over the millenniums that the wealth and power tend to concentrate in the hands of the few unless the preventive measures are taken like inheritance tax, property tax, antitrust laws, division of powers, various redistribution schemes etc ...
If this concentration is allowed to be completed we end up in a stagnant oligarchy where the powerful exploit the masses of serfs.
Yeah, because we wouldn't want money to concentrate in the hands of citizens when it can go to the government instead. How will that help America accumulate the savings and capital we need to compete again?