Don't know where to start with this one. Creating more political parties just splits the vote. In a "first pass the post" election set up, this would be a disaster. Allowing someone to become extremely rich is not necessarily a problem. The problem should really be looked at more from the gap between them and the normies. Shrink that gap and that lessons the problem. The biggest problem with extreme wealth in an individual or corporation is the outsized influence they have on politics and government. Your SC's citizen united decision is the real problem that generates a lot of the hate for the rich. Rich people don't want to be taxed more (in general) so if you try to force it on them they will look for solutions like relocating their tax home. You would need to have tools to punish attempts to do this, like loss of citizenship and asset seizures. These are not popular steps and could sink any initiative before it begins. Those are just some of the problems I see. There are many, many more.
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I was going to reply to: lurch (he/him)@sh.itjust.works. - but couldn't because of the removing by the mod, so I'll post it here:
I'm not sure about this. Because if the Democrats are winning by large margins, it means they are in some way either representing the will of the people, or providing a viable alternative.
The reason I want a "Tax the Rich" party is because the Democrats are not representing my will or providing a viable alternative to the Republicans. I personally believe, that if the billionaires were taxed out of existence, and the to 10% were taxed to never become a billionaire, the entire nation would be function better, no matter where you are on the political spectrum.
I also believe that most people see the excess of Musk and realize that his abilities to control military assets (Starlink), to influence our government, and to live, seemingly outside of the law and any consequences of any of his actions - I believe they see this excess and understand he should not exist.
I have no faith the democrats will perform any required changes, even if they won the mid terms in a landslide. Nor do I believe they want to, I believe they are all rich.