You might be right, I honestly don't know. But if this is the case, maybe first you need to reform the government (in what exact way? and how the reform should be done, politically?) and after first task is accomplished you can feed it with some trillions of dollars?
Otherwise, "tax the living hell out of capital" will just cause some more big BOOM sounds somewhere in middle east, and deplete private capital from making more investments at the same time.