A few thoughts

A short list for those who are considering taking up socialism:

Thought 1a: "We need a society of equal distribution of wealth. Let the rich pay high taxes which then go to aid for the poor." Effect: Fewer feel the urge to become rich. Few want to break their backs to become rich when punished with higher and higher taxes on their way up the income-ladder. Those who are rich flee the system. The burden which was meant to be carried by the rich is now carried by the middle- and low-income groups, and the biggest financial-baggage for most people becomes the tax itself.

Thought 2a: "The system must prevent the rich, or their taxable wealth, from fleeing the system, so they or their wealth can contribute to the State like planned." Effect: No wealth is created, and old wealth vanishes. Only a few friends of the system are allowed to enjoy wealth, for example the leaders of the ruling communist-party.

An even shorter list for those who are considering taking up liberalism (in the classic meaning of the word):

Thought 1b: "We need a society of justice and freedom which is not based on who owns what and how much." Effect: The State does not interfere with incomes or wealth on the base of the magnitude of income and wealth. Having little money or a lot of money does not affect the level of taxation. Wealth becomes a goal to strive for. More try to become rich, and more succeed. The individual proportional tax-burden does not change, but the absolute individual tax-burden increases. Fewer have need for aid, and the State has more resources to give aid to those who need it (if that's the State's intention at all!).