There will always be an economic floor - it is unavoidable by defintion, and it is something that we all wish to improve at all times.
The solution is not to make everyone sit on the bottom together so that everyone suffers. The goal is instead to raise as many off of the floor as possible.
Putting in an economic ceiling merely places limits on hope and thus effort and achievement. Instead, a vibrant and healthy middle class provides this.
And just to point out to Fareed, in every case of socialism and communism ever implemented, there was a ruling class that lived in the penthouse above the floor dwellers for whom the rules did not apply.
The places where we have failed in the US have come for the most part from our forays into the very socialistic solution that you propose.