Top 1% have more income (income inequality is a thing). Taking away 40% income would hit the bottom 99% much harder than it would affect the life of top 1%. 50% of renters spend >30% on housing, 25% spend >50%.

40% figure is also based on individual income taxes. It drops significantly if you consider other sources (payroll etc).

Top 1% also receive preferential tax treatment and benefits disproportionately from policy changes.