Yes, as a first step. Then you use the proceeds to subsidize college tuition and health care to help level the playing field for young people, so they can get into the workplace with an education but without crippling debt. And then as a side-effect, the ultra wealthy will no longer have as much disposable income that they can use to influence politics, so maybe we can get enough non-corrupt legislators in office to roll back some of the unfair laws that were passed that allow, for example, Wall Street bankers to commit massive fraud with impunity.
If you're going to criticize and idea you should at least criticize the whole idea, not just a little piece of it. You can make any proposal look stupid if you ignore 80% of it.