One definition of Socialism is redistribution. The Left understands that Capitalism creates income gaps and envy of the wealthy, and they buy votes by pledging redistribution (Democratic-Leftist politicians will promise anything to be reelected, even if we can't afford it.)
Mr. Biden recently enlarged our already bloated welfare state by adding more goodies, but, as Daniel Henninger of the Wall Street Journal points out, financial restraints will permit only a bare-bones, lowest common-denominator society.
Medical-care, for example, will likely be rationed, and high-tech diagnostic tools won't be readily available. Just taxing the rich won't suffice, and all of us will pay more. Please keep in mind that high taxing means less investment, fewer jobs, lower productivity, less capital, and, eventually a lower living standard.