I think the policy is intended to harm rich people rather than benefit poor people. "I want to see my enemy suffer" rather than "I want to make my side better". That could be done with a basic income or similar policies, and could easily be paid for with normal taxes on income. It would also redistribute wealth over time.

Also see the zero-sum fallacy (http://lesswrong.com/lw/2gd/fight_zerosum_bias/). "Some people being richer necessarily means I am poorer."