What distributive effect are you talking about? Almost every free market economy today is an equal opportunity space. And that is only thing that should count.

If people can't even keep their own money earned for themselves, you are just killing the incentive to even earn it at the first place. You seem to suggesting we must periodically make the rich, poor. This kind of equality is more dangerous than inequality. Look up the failure of socialist/communist set ups in past century that will tell you why this is such a bad idea.

The whole scheme over time feels like punishing people for working hard and generating wealth, while remainder free loads on the assumption they are entitled to free money.

What follow next is exodus of smart, hard working people to better countries.