Some tycoons (plutocrats) have a vested interest in redirecting the old revolutionary (anti-aristocratic) spirit toward an uninformed fear of all things "socialist". They encourage anti-elitism without letting on that they are the elite. From pro-Enlightenment to anti-Enlightenment.
Plutocrats would like to reduce or eliminate the social safety net so that they, the already super well-off, will have reduced taxes.
And to be sure, these owners and heads of corporations will not invest their tax savings in new jobs, let alone schools, roads or hospitals. They will play the market, influence politicians, manipulate the media, misinform the public of their objectives, and further automate production.
Meanwhile, the state of current tech continues to put wage-based economics on very shaky ground. Ordinary working people are going to find their fortunes reduced the most under a swing to austerity or thinner government resources.
Government policies - and taxes - have a role to play in protecting people from the plutocrats - the non-elected owners and heads of corporations - who have vested interests in defeating regulations that cost them profits - regulations such as those that protect the environment, consumer safety, pharmaceuticals, worker health, the health care system.