I never understood this statement about wealthy people. Where do you spend your money and who are you making rich?
Maybe it is time to talk about money and taxes.
The government owns all the money. Now the problem is, how to get the money into circulation.
1) The traditional way has been to loan the money at low rates to banks who then lend the money to business and individuals. This system gave the business and individuals some control over the distribution of wealth.
2) The way to get money in circulation has increasingly been to give it away through government programs. The Infrastructure bill, for instance is a stimulus,. All the entitlement programs are another way the government distributes money. The government directly controls the economy.
The first system is capitalism. The second system is Feudalism
The government, through the control of money controls the economy.
There are two issues here, 1) why is anyone paying taxes? If you tax the rich, the government gives it right back in the form of government contracts, grants and subsidies.
2) The government doesn't need taxes. The government can simply say how much money the government has and distribute it to who ever the government deems worthy subject to any set of specifications (fealty) Taxes used to be a physical entity, grain or gold and those had to be physically collected. Now that monetary is digital, wealth and taxes are just so many zeros on a screen.
The second system is now the economic system of the US.
Instead of studying "socialism" study the economic structure of feudal societies.
It may be a viable system. Traditionally it has been the primary system of governance throughout history. The reformation was a basic reform of that system. And here we are again. The executive and his ministers. The executive doesn't matter, kings come and go as the basic administrative state controls and distributes the wealth of the country.
The country is being run by the executive and the Departments. Congress is increasingly irrelevant.
Inflation is the most obvious risk. I am not certain how this system will work digital. Was inflation even possible when wealth was land, grain or gold? But printing and distributing too much paper money caused inflation. Digital, who knows? The government can add a few more zeros to all the accounts. "Adjustments for inflation" in government programs are an example.