Sounds like a very, very fast way to disincentivize anyone working any harder, smarter, or taking any more risks than anyone else.
I get there are HUGE problems with unregulated capitalism, but what you describe (equalizing everyone's outcomes) also comes with catastrophic consequences.
There's just not a good clean answer -- it's a fuckin rats nest and difficult to untangle. But we certainly shouldn't stop trying. Some things have got to change.