I'd slightly adjust what you're saying because I think in this NYC case, and oftentimes generally-speaking, those funds are not reserved solely for what would conventionally be considered social programs.

Only adding this because I think it's important to point out that tax increases that solely target the rich are not always a transfer of wealth from rich(er) to poor(er), but sometimes fund things that those rich taxpayers also benefit from (in the NYC case those funds could easily be paying part of the police, parks, sanitation, etc. budget).