Socialism has been practiced in about every country for about 100+ years (don't have a closed mind and focus too much on labels). Tax on on corporate profits is a form of socialism and so is regulation. Socialism is any economic system where the businesses are collectively owned. The details of how this is achieved varies depending on ideology. In current countries, the collective exercises ownership over businesses via taxation and regulations. Both of these things cause a reduction of private property rights towards collective property rights. Thus, it is on the spectrum of socialism.
Socialism is an authoritarian economic ideology by it's nature. Me, personally, I agree with it to some extent. It is necessary to redistribute profits. The cycle of money is similar to the other cycles found everywhere including nature. It is a looped system. If the money only goes from the lower to the upper, then the it breaks down the system and eventually everyone becomes harmed (what happens to the assets of let's say mcdonalds when there are no clients to sell to? They go to $0.). Similarly, if there are no potential customers, there is no reason to produce and innovate on production methods, so societal riches fall.
It should be studied further what exactly is the level needed to sustain the cycle. In some times, when labor had enough bargaining power, it may have reached that level without any taxes to redistribute. However, in the current time, it is likely that redistribution is needed to keep the economy vibrant.
When socialism fails is when the redistribution hits an extreme where all the money goes from the top to the bottom and thus it kills the incentive of the highest productive people to stop producing. This reduces societies total production, which results in impoverishment for anyone.
People are too concerned with loaded terms like capitalism and socialism. The important terms is the cycle of money needs to be maintained. The entrepreneurs need an economic incentive to work and they need a customer base to sell the fruits of their labor to. Too much socialism and they have no incentive due to taxes / redistribution. Too little socialism and eventually they have no customer base and without a customer base again they have no incentives.
The economic game is basically a game meant to inspire these special 0.1% of society that are responsible for civilization. The game needs to be balanced to keep these people working.