Pure stupidity!
The only way money can be taken out of circulation is by stuffing it in a mattress, burying it in a hole in the ground, burning it in an incinerator, etc.
The money of the top one percent is spent, re-lent or otherwise reinvested back in the economy.
Taxing that wealth means that the government is taking it out of that economy (where it is needed BTW) and using it for guvvie purposes (which have been proven over and over and over again to be an unproductive use of capital).
No one ever accused the Left of understanding economics.