It’s doing a not so bad job in a few countries (spoiler: the US is not among them), e.g. Finland, Denmark, Germany, Canada. I’m not saying it’s a perfect system, not even a good system, just that it’s a good place to start.

Wealth redistribution requires that there’s wealth to begin with, and capitalism is clearly the system with the best incentives to create wealth. You just need strong policies to prevent sociopaths a la Musk, Thiel or Bezos to try to hoard “all the money”, to easily break up monopolies, etc.