They basically already had something like that.
en.wikipedia.org
The establishment refused to support it. People need to understand: The federal government has too many politicians whose interests are DIRECTLY tied to the financial sector. Their personal pensions and investments are directly tied to the performance of the banks who lend money to venture capitalists who fund tech projects and sell financial instruments. They had a chance to take power back in 2008 and they blinked. They could've bought a controlling interest in the banks they bailed out, they could have drafted regulation to prevent officials from trading stock whilst in congress. They could've vastly empowered the IRS and SEC to go after speculators and punish them with jail time, fines tied to percentages of income, or banning them from the industry entirely.
They didn't. Because that would hurt their own
personal wealth. When you're old you're focused on protecting what you already have. When you're young, you're focused on creating opportunities to acquire things. This central conflict needs to be resolved within that party before it can be unified and actually be able to give people SERIOUS change. Look how they treated David Hogg who correctly identified this issue and tried to support younger candidates who can run against out of touch elites and get them out of office.
Note how Schumer and Jeffries were slow to endorse Mamdani, especially Jeffries who even refuses to say his name.
I'd be mad too if he beat the guy I supported in my own district.
A grass roots movement is needed from the ground up. City by city, state by state, these out of touch politicians need to be unseated and replaced by people who actually want to listen to the electorate. It won't matter if you get a progressive president if congress is still filled with people who refuse to hold the powers who are actually making people miserable to account.
There is a mental illness problem in this country, it's the obsession with money. People who have multiple millions of dollars react like a hoarder when you tell them that those boxes of crumbling news papers need to go. They can't stand the idea of being taxed slightly more so other people have a chance. They cling to their money desperately even though they can never spend all of it. They're sick and need to be treated with therapy so that they can recognize that no amount of money will ever make them feel safe and secure and their problem isn't that they don't have enough money, their problem is that they're paranoid, anxious, resentful, and a bizarre mixture of narcissistic(refusing to mentor the younger generation or step down because they NEED the attention) and masochism(choosing to work with chronic age-related health problems regardless of having enough money to enjoy 3-5 lifetimes of comfortable living).