This would stop the currently exponential pace of growth from outpacing what society, and regulation, can adapt to. Thus avoiding the inevitable crash that will happen when we lose control of the exponentially accelerating train of technology, and it flies off the rails.
The perpetual struggle of any human-administered system is in how you keep the agents of the system (those implementing the policy) aligned with the principles (those setting the policy). Because we did have high tax rates and nationalization plans and even outright communist manifestos floating around the country eighty years ago. And then they were systematically sabotaged and dismantled by bureaucrats more aligned with the monied interests than the voting public.
In the modern day, you can’t even get a ballot amendment passed on majority (even super-majority) vote without a court casually overturning it, a legislature refusing to implement it, or the executive to enforce it.
Even something overwhelmingly popular, like high-speed mass transit or national health care or the policing of pedophile super-predators, is neglected on a bipartisan basis time and time and time again.
Who
WatchesTaxes theWatchmenTaxmen, so to speak? What kind of social organizing principle gets a large bureaucracy of people committed to redistributing wealth suited up and on the ground to do what must be done?