That's redistributive taxation, not socialism. Socialism is ownership of all property and business by the government. Per Marx/Engels: "The proletariat will us

That's redistributive taxation, not socialism. Socialism is ownership of all property and business by the government. Per Marx/Engels: "The proletariat will use its political supremacy to wrest, by degree, all capital from the bourgeoisie, to centralise all instruments of production in the hands of the State," "Nevertheless, in most advanced countries, the following will be pretty generally applicable. 1. Abolition of property in land and application of all rents of land to public purposes. 2. A heavy progressive or graduated income tax. 3. Abolition of all rights of inheritance. 4. Confiscation of the property of all emigrants and rebels. 5. Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly. 6. Centralisation of the means of communication and transport in the hands of the State. "