When it comes to the root of the material issues humanity faces, yes. Excessive taxation (when used to fund social programs, etc.) is typically an effort to p*ssyfoot around the source of the issues with piecemeal reform to assuage working-class struggle. The logic of capitalism leads to negative economic effects when this approach is used. Usually "leftist" parties (I would consider them more "social democratic" than anything) implementing this will end up shocked when the economy falls a few years after they get elected, and then the right hammers them on poor economic performance and boot them out of office. Then countries are right back where there were before.