Um, prices for commodities would go WAY up (eg; gasoline, gold, food).
The USA is a place where we should be able to become rich (it requires work, sometimes risk, but the Government should not be trying to make 'everyone' rich nor to 'hurt' rich people for having succeeded).
Just about everyone starts out 'poor' - most young folks are...
Many save and invest as they work for success, and have choices about spending income or reinvesting it and living a humbler lifestyle - guess which ones end up better off when they retire.
Income tax is WAY too complicated (why can't it at least stay the same for a few years in a row ?), it's being used as a tool to re-define society.
We need to especially stop encouraging illegal immigrants to come and partake of free medical and welfare... just a bad idea.