The real problem is 4. Tell me how we are going to get the wealthy who also control the levers of power to give up both wealth and power for the "greater good". There are very few cases of this happening voluntarily. Usually there is some sort of civil unrest or revolution required to effect real change.
Look how difficult it is to even get some marginal changes in the US income tax rate or the estate tax. Policies not Politics ---- Daily Landscape