"You keep using that word. I do not think it means what you think it means."
The proletariat owning the means of production by law is exactly what communism means.
In communism, all of the people collectively own all the means of production. What I am suggesting is very different from that. Companies are owned only by their employees and the capital investors. There is still competition, there is no central planning as in the USSR, people are free to work in whatever field and company they want to (unlike the USSR), etc. This is barely different from modern capitalism.
Yes - widely the case in Europe. Germany has substantial worker ownership requirements - they seem to be doing reasonably well.
First rule of politics - if you propose any change that does not favour the rich, it's communism.
Closed tax loopholes? They will be sending you to Goolags next.