The only true wealth in the world is a society's people living, working and playing in a healthy ecosystem.
Rather than tinkering with the machinery of the system we have now, we need a new system. Any amount of wealth held over others is used by some people at least for rent-seeking, government-controlling behavior and most of all (and the point of those) to make more money. In our society, money and power are interchangeable commodities, so money is used to get more money and power and power is used to get more money and power, in an exponential curve.
Even if it's only a very small excess, any amount of income more than others that some people have, will eventually lead to the kind of huge disparities in both money and power that we have now, and democracy can't survive it. Making deeper cuts with taxes delays the end but doesn't prevent it, and in the end, even very deep cuts only differ very slightly from shallow cuts because of the exponential curve.
Many societies throughout history have shared both the income and costs of the society fairly and equally, making sure everyone has enough. Like suggestions for a minimum national income, only understanding this reality, we need to have a national income, on the way to having a world income, sharing the wealth of the tribe equally and putting our efforts into improving the wealth of the tribe and its ecosystem.