In the 1970s the money was changed from actual money to debt tokens, every since than taxation has been a way of controlling inflation.

Before that taxes were for raising revenue, but now that money is replaced with debt tokens the central bank can print as much as they like, almost all public spending comes from new money that they print.

The taxes get destroyed because printing more money makes the money already in circulation less valuable.

It's essentially wealth redistribution from the working class that creates wealth to the banks which extract wealth from people.