If you assume "responsible governments and effective governance", then yes, money collected from taxes would go where it does the most for the overall well-bein

If you assume "responsible governments and effective governance", then yes, money collected from taxes would go where it does the most for the overall well-being. But I'm aware of how governments are hijacked by private corporations that lobby and bribe politicians so they work to maximize those private profits in detriment of the public interest.