I used to think this would be sufficient as well but as you’ve probably noticed it’s damned near impossible to get our “democratic” governments to even consider something like this since they have been so thoroughly captured by the wealthy elite. You don’t have to call it revolution or socialism if those are scary words or just don’t seem possible but somehow we have to overcome that reality and I don’t see how it can be done without dispossessing these elites of their power so we can dispossess them of their wealth.

The problem is that wealth = power and influence in society and this has led to essentially all modern neoliberal ‘democracies’ having their governments captured and controlled by the wealthy elite. So the only way you would be able to implement something like this would be via a revolution replacing capitalism with some form of socialism that would make private wealth a thing of the past and provide a decent standard of living for all.