Historically no socialist redistributive society of the last century exists now, they have all collapsed and embraced capitalism in one form or another. In UK in the the 1970s there was a Labour Government faced with a very similar problem, they had spent too much and needed additional revenue, so they decided that the rich must pay more. Well they raised Tax Rates and the Tax Revenue went down but they refused to cut spending, eventually the IMF came in, they lost the next election Margaret Thatcher was elected, lowered rates revenue increased and the economy recovered.