Depends what you do with the taxes. If you use them to decrease the financial burden of just surviving for the non-wealthy population, that frees up their wealth for consumption of more reasonable items, which increases demand for those items, which creates more jobs supplying those items. So really, wouldn't this just be a matter of shifting jobs from supplying exclusive luxury items to supplying more common quality of life improving amenities?

Of course, I'm just a tech nerd with zero finance/economy training, so let me know if I'm missing something obvious.