Ah, fair. Yea, perhaps the capitalism we have tried is the closest that is practically possible.
I think we overweight how many people in society do not know what to do with cash. I think we may say that we believe they can do something better with it and sure perhaps, but it is bold to believe one knows what to do better with another's resources.
Sam's proposal doesn't avoid the wealth tax compounds simple arithmetic that PG notes.
And yes many important questions for society to answer on this, e.g. how much does is disincentivize entrepreneurs if they have half of their wealth taxed away over the decades compared to current taxation system?
Maybe there are some folks around here who still believe in liberty and are optimistic about technological progress.