Setting a cap on personal wealth is a proposal that has been championed by several progressive politicians in the U.S. (Sanders, Ocasio-Cortez, etc.). From what I understand, they argue that by setting a hard limit on wealth, the government will be able to redistribute the excess to better support people below the poverty line.

From my research on this issue, I came across literature here and here which talk about estimating affluence lines by looking at income distribution. These measurements could then help decide how much wealth would be "transferred from the richest to the poorest with a view to ensure that the latter are able to meet their basic needs and participate in society".

My question then is, from an economic standpoint, would this be a viable solution?

I would appreciate if answers to the question could be supported by reputable sources or provide links to further reading on this topic. I have no background in economics, but would like to be better informed on an issue that has entered political discourse.