Scandinavians will be the first people to tell you they are not socialist countries. They have heavy welfare programs, yes, but they are all free market-economies. Their people are also very homogenous with a high-trust culture, which goes a long way to making those systems work.
@DarrigoMelanie Most high school students aren’t able to do anything more than minimum-wage jobs when they get out. That is the main problem and should be the focus of your concern.
@AveryDaye A wealth tax is a bad idea for all the reasons you mention. But, governments all over the country impose property taxes on homes, which is basically the same thing.