Going off my example from earlier, the Workers would only need to work 3 hours to maintain their standard of living, the extra 7 hours are pocketed by the Capitalist for their enrichment alone.
Removing the wealth siphons reduces the amount of necessary work, as if you only need 3 hours to cover yourself without a Capitalist involved, you only need to work 3 hours.
Society overproduces vast amounts of goods and works far longer than necessary purely for Capitalist enrichment, not to cover themselves.