The Problem With Socialism (and why it does not work)

It's a hot topic these days and you seem to see more and more of it in the news headlines. The topic? Socialism. Sure, maybe it is not referred to it exactly as socialism, but what is being described certainly fits the definition. In my eyes, there is a big problem with socialism that will not allow it to work. With that being said, I try and stay as open minded on these topics as possible, so if you see something I am missing within the video, I'd love to hear your thoughts. I'm not hear to name call or anything of that nature. If you disagree with me, that's fine, we can still be friends and respect one another. If you do disagree though, my honest and sincere question is: what am I missing? The problems that I point out seem to not have any kind of verifiable data or proof that the problem has been overcome in the past. Again, perhaps I am unaware of a situation where this problem has been overcome and allowed socialism to work, but from what I've seen it hasn't. I should also note this is more being talked about from the socialism being proposed here in the USA. The centerpiece of it being, "tax the rich and make sure they pay their fair share".