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This is what Democratic socialism is all about:
Let the engine of capitalism generate wealth (as it does so better than any other economic system) ... but then make sure that wealth is going to the people who generate it.
If the top is getting more than their fair share, redistribute it through government programs that benefit the workers and their families.
We need to do this nationwide so that tax cheats can't just run away to a different state.. And we need to do it at much higher level that recognizes the reality that no one has ever EARNED a billion dollars. They've only stolen it from their workers because of a rigged government and legal system.
And by the way, the rich should be super happy if we able to get this done, because the alternative is that we keep heading down the current path until the working class gets so poor that they can no longer feed their kids... and at that point, history tells us, the guillotines come out.
Does capitalism really generate wealth better, or is it the industrial machinery? Major confounding factor there
Well the USSR did also have a huge industrial machinery. But one thing that seems to emerge as a lesson from its downfall is that it is really hard to steer an economy with quotas and plans from the top.
A good market usually gives better incentives for people at every level. The problem is getting a good market which is definitely not the same as the libertarian dream of a super free market. Without good regulations it's really easy for markets to get captured or become exploitative.
Some thinks should never be privatised(like infrastructure). And I think lots of industries would benefit from a state run (mostly nonprofit) competitor.