This is a form of altruism.
al·tru·ism
[ˈaltrʊɪz(ə)m]
noun
altruism (noun)
- selfless concern for the well-being of others, without care for one's own interests; unselfishness
Humans by nature are usually selfish to one degree or another. They look out for their own interests before those of others.
To get around that, Socialism in ANY form or ANY amount, uses coercion--FORCE--to compel behavior. Taxes aren't given up freely by most, if any, persons. They are required to be paid under threat of law and penalty if not paid.
Society generally will accept some level of taxation to get general benefits from those taxes. The problem with Socialism, again, is that the taxes rise to confiscatory levels and people begin to refuse to pay them in ever greater number. That in turn, requires greater coercion leading to authoritarian dictatorships being necessary to compel compliance.
What you miss in your sophomoric definition is that in any form, to one degree or another, Socialism is authoritarian in nature.
In Socialism, society serves the government and the government is the fountain of material wealth to the people. In a Capitalist society, government serves society as a referee to allow people to do as they please within a set of rules. The people are the source of wealth and each individual is able to succeed or fail on their own merits.
Put another way, Socialism benefits the weak, lazy, and stupid the most and the productive, energetic, and smart the least. Capitalism is the exact opposite. Socialism drags a society down. Capitalism builds it up.
That said, most societies see some good in having a restricted and very controlled amount of Socialism built in. The trick is to keep that amount to a minimum and not let it grow to overtake society because when it does, society is doomed.