The rich already pays the most taxes. The idea is that if you increase taxes on the rich, the working class would have to pay less and shortens the wage gap as a result. The works well if everyone plays along but that doesnt happen. The rich can afford to leave areas with high tax rates. The state loses a lot of money which forces them to raise taxes on the working class to make up for lost wages. That has happened time and time again. Some areas have a whopping 58 to 62% tax rate under Biden's plan so the rich will differently leave those areas.
Its also worth noting that tax money doesnt go into the economy, but the to the government. They can spend that tax money however they want. Trump's tax cuts on the rich was for the purpose of keeping a steady flow of income into the economy, as businesses can now afford to expand and create jobs, resulting in tax cuts across the board. However, if the business and corporations decide to keep that extra money to themselves? Whoops....