It also presupposes the solution while misidentifying the problem inherently in the slogan; the problem isn't "police have too much money" so "take some (or all) of that money away" will fix things.
Bad police don't do what they do because they're bored trust fund kids.
If you treat police as an entry level job that needs no skills knowledge or training, big fucking shock you get people who might not even know what the law is doing illegal stop and searches based on their feels, corruption and kickbacks, coverups and conspiracy. Because you have minimum wage rent a thugs.
If the problem is bad police, then you have to have all options on the table to fix that. One of those options (which is what happens in a lot of other countries) is you treat policing as a highly trained graduate job, you pay high wages, you try and attract educated people, and you train them well. I'd say the majority of people living in high crime zones would much prefer some kind of system where you pay people from the neighbourhood a good wage, pay for their college education and training, and have them patrol the streets where they actually live as part of the community.