It will absolutely subsidize the industries most likely to gain from poorer people having more money. The yacht and high-end watch industries will not benefit while housing, auto, and entertainment industries absolutely will. This is basic common sense.
Nobody's eliminated poverty yet, so it may be impossible. We do have ways of fighting it, though, which can (and does) include charitable giving (note: voluntary) and economic development of areas.
It is, by definition, not a subsidy since it does not target a subset of economic sectors.
> Plenty can be done to eliminate poverty.
Name one means of eliminating poverty without wealth re-distribution or subsidies. The only ones I know of involve sterilizing, deporting, killing or otherwise demographically elminating poor people.