With a 20lb sledge hammer, multiple times.
Yes, it would cause short term inequality to spike, and it would cause hurt to a lot of people while the world adjusted to the new paradigm.  It would be worth it.
Whether federal social programs got defunded would be a choice, and I would advocate that they not be ended, but that's just my voice.  Taxation would not be impossible, people would just have a clearer understanding of where the money comes from and where the money is going.  I personally don't have an objection to sending money to help "those people over there", as long as I know that those people actually need the help.  
I don't think you are using the same definition of 'progressive' that I use. I don't know what definition you are using, because a balanced budget and transparent global financial systems that ensure that capital flows towards good causes and wealth/power doesn't get concentrated in fewer and fewer hands has been the entire purpose behind the progressive movement going back to the Magna Carta in 1215.