This misses the point entirely; wealth redistributive policies aren't intended to significantly boost the wealth of low wealth citizens directly, they're intended to dissipate the incredible concentration of political power that corrodes our democratic basis of governance. When individuals control more wealth and capital than a significant number of nation-states, barriers to regulatory capture and overwhelming information/narrative control (via media/platform ownership consolidation) effectively dissolve. We're seeing the consequences of that playing out in the US in realtime.
Adopting redistributive policy is the only way in which the US can return to an even remotely representative "democracy." We'll only see progress if we can disarm the campaign finance firehose currently wielded by private interests. Only then, with a subsequent government consisting of politicians more beholden to constituents than financiers, will we be able to return to enacting policies to close tax loopholes, tax more progressively, and improve consumer/labor protections; those would do the majority of the heavy lifting in terms of improving QoL of the lower income classes. This isn't a new idea, it was well understood by trust-buster Teddy Roosevelt.