Wealth inequality is single-handedly one of the worst and most pressing issues on the planet. We are in desperate need of a wealth tax and a wealth cap. We have done this before, and it was demonstrably successful.
However, there is a critical detail that is consistently ignored: competition, the cornerstone of capitalism. If my company demands higher pay, another company will undercut us. I lose work. That is the reality of the market.
You are not the first person I have had this discussion with. The problem is an overfocus on an idealized, single facet of a far more complex system. It is easy to say “we should work less and get paid more,” but we live in reality. There are many types of work and compensation structures that do not scale to a four-day workweek.
Moreover, what is being proposed are massive, systemic, sweeping change, an attempt to fundamentally reshape the entire system “for the greater good.” History shows that “the greater good” is a dangerous concept and is rarely good for the majority.