We would soon be back where we are today, certainly within a generation.

The issue is that the poor are not poor because they lack money. The poor are poor because they lack the means of making money. Give them a sudden influx of cash and they will spend it, but be no more productive than they were before. Once the money is spent they will be poor again. Similarly the wealthy are wealthy because they know how to produce goods and services that others want to buy. That advantage is not eliminated by taking away their wealth. (Of course, doing it continuously may remove their motivation, but causing them to stop producing would hurt everyone, including the poor.)

There are several sources of data on this very phenomena. One study looked at modern lottery winners in Florida and how winners went bankrupt at twice the rate as those who did not win the lottery.

Why Lottery Winners Go Bankrupt

Another was a study that looked at a significant land lottery in Georgia that happened in 1832, and traced the economic status of the families over several generations, to see if those that won ended up better off than those that did not win. The findings were negative.

Would a Big Bucket of Cash Really Change Your Life?

It is instructive also to look at land redistribution in Zimbabwe, where the wealth of the nation, in the form of farm land, was taken from the wealthy landowners and distributed among the poor. It led to mass starvation for all since the poor were not able to make productive use of the farm land.

After Zimbabwe's Land Revolution, New Farmers Struggle and Starve

Presumably I have no need to rehash the similar case of property seizures and collectivized farming in the Soviet Union, and the mass starvation that resulted from that.

This same myth about redistribution also explains the general failure for many decades of foreign aid to help the developing world. Institutions matter. Culture matters. Habits matter. Discipline matters. Education matters. Wealth? The error is to confuse results for causes and to subsidize roosters to make the sun rise.