I'm not for sure I agree, but that's a separate issue than de-concentrating wealth. What to do with tax funds, how to appropriately distribute them, etc. is another discussion. Just because those problems exist, we should allow more and more wealth to be concentrated?
It would be good to fix that before we start funneling even more money in that direction, yes. Or at least have a workable plan. If you have a leak in a pipe, you fix the leak before shunting even more into that pipe.