You're right, and if we can accomplish that in one go, it would be for the better. But it may take a phased approach.

For instance, in order to garner enough support to make it happen, we need to demonstrate tangibly to the average voter that it is indeed in their best interest. There is a lot of corporate propaganda/astroturfing/psyops and manipulation/brainwashing to overcome in that regard, and it won't happen merely by making promises. We need to deliver on those promises.

So we might need to build out more robust social programs first so that people can see and feel the benefits. We can start by taxing capital gains fairly in order to fund projects that help everyone. Healthcare, education, housing, utilities, transportation and other civil infrastructure, retirement/disability, vocational training, nutritional assistance, etc...

And of course regulating commerce/industry better so that people can feel the results to their health, wellbeing, finances, environment, and so many other things.

Then once people see that reaganomics were a lie from the start, we can try something bolder. Maybe that will look like a $1 billion dollar wealth cap at first, and every dollar above that amount gets taxed at 100% at the end of each fiscal year.

Eventually that can be lowered to $100 million, but that might be a harder sell for some people who think they might reach it. A billion dollars though is so clearly out of reach to anyone who wasn't born already-wealthy, that anyone who's being honest with themselves should be able to accept it as the limit.

I agree though in general that reducing wealth disparity needs to be a key priority, and so many other goals (including restoration of genuine democracy) are contingent upon that.