Your proposal is interesting, though I think you may not have thought it through completely. I have some honest questions about it.

Under your proposal are millionaires okay? Or should society ban millionaires too?

If so why are they okay. If they are not okay, what should the wealth cap be?

Is it okay for anyone to have any private wealth? Your proposal sounds similar to socialism wherein everyone has a certain fixed income close to minimum wage and no one may accumulate wealth.

What are the differences between your suggestion and socialism as practiced historically?