Socialism fundamentally works by creating a system that taxes those who have more than others and goes to those who have less than others.

Prager-U level definition that has nothing to do with socialism.

Here's a concise definition:

Socialism : A range of social and economic systems characterized by social ownership of the means of production. It can also mean the transitional stage between capitalism and communism, sometimes referred to as the dictatorship of the proletariat.

A BigBrain with a 5th grader's (at best) understanding of economics who has never even been exposed to the labor theory of value and who literally doesn't even know what Socialism is (confusing it with some form of Social Democracy) bursts into a room full of people who have been studying economics for years and starts explaining to them his ever so smart 5th grader's version of economics. It's so on the nose it's like a badly put together meme.

The problems arise when people start to take more than they give. (...) or someone who can contribute chooses not to and still receives the benefits.

Not a problem exclusive to socialism. Capitalism has plenty of very obvious such examples. Amazon is clearly taking in a lot more money than it is giving its workers or the govt. Bezos and others of his ilk can contribute more to taxes, but don't, they evade them all thanks to legal loopholes and still receive govt benefits.

That’s obviously not true because 99.99% (I’m being dramatic) of owners work an equal or greater number of hours per week than the rest of the employees.

Maybe true for smaller companies. I doubt Musk, Bezos, Sundar Pichai, Zuckerberg or similars even work 40h a week. MAYBE they did, many years ago. Nowadays? Doubtful.

And there’s also the fact that while needing to know how every aspect of the company operates the owner is the one who takes the biggest risks and has the most at stake so it makes sense that they make more than the new hire who has no work experience.

Do you really think that a single person's work can be worth more than 1000x the work of someone else? To put some perspective: someone who earns 20 million a year is the equivalent of having a hourly salary of ~10,500. What kind of miraculous, one-of-a-kind work is worth that? Bezos doesn't know how "every aspect of the company operates", nor do any CEO of any megacorp. Or, to give a better example, no general or field marshal knows "every aspect" of the platoons and soldiers under his command, they rely almost entirely on his subordinates' reports, which may embellish or hide details.

technically all costs of the company can and are taken out of the owners paycheck because the lower profit the company makes the lower the owners paycheck can be

Except when it's taken out of the workers' paycheck who get fired to ensure those above don't lose their bonuses

That's the problem with a C- in economics. If you sit behind that person and decide you're going to just try to write the opposite of what they do you're going to get an F

Cancer treatments wouldn't cost 1 million a year under a better system

owners work an equal or greater number of hours per week than the rest of the employees.

You're describing small shop owners, the meme's about big corporations.
You know that, but you choose to deflect.