Yes, by taxing income you punish production, and thereby protect the currently wealthy from competition. Essentially it means keeping the lid on capital accumulation so that the current owners of capital stay on top relatively. Income taxation is probably one of the most conservative (as in: preserving the status quo) state measures in existence.
The rich actually love high income taxation, because it’s really taxes on the upper middle class. It suppresses upwards mobility in the group that is most likely to compete with them.
And then pretty much everything the government does with that money is a subsidy of the super wealthy. If the government builds a road their land value goes up, if it maintains order through a police force they don’t have to hire security for their mansions.