Let's talk about the actual damage that could occur to an individual here. The fact of the matter is, billionaires are effectively isolated from all societal repercussions, where the average person simply isn't. Even if you waved a magic wand, and prevented them from making any money through any mechanism, and they just had spend their wealth, their lifestyle would not change
at all. They literally can not spend the amount of money they have, in the years of life they have remaining. Even the threat of jail time isn't a real threat, given the serious discrepancies in prosecution and sentencing guidelines, let alone the plausibility of someone pulling a Carlos Ghosn[0], which is much easier to do when you effectively have infinite resources.
Now let's look at the other side. The societal benefit is making these effects current preferential policies concrete. Often politicians and other supporters of the super wealthy intentionally muddy the waters by talking about "small businesses", "family farms", and other middle class and upper middle class lifestyles. (e.g. The arguments made by against inheritance tax, that only affects net worths in excess of $11.7 million, or the arguments based on absolute dollar amounts rather than income or wealth percentages.) By making the effects concrete rather than abstract, it's much harder to argue that there is any sort of negative individual effects on ultra wealthy.[1]
[0] https://www.bbc.com/news/world-50964040
[1] For example: Even if you took half of Warren Buffet's wealth ($110 B) every year for the rest of his life (90 years old, today), he'd probably still die a billionaire. And even if he lived to be a 100, he'd still have $100 million.