I assume the money will not be printed (this would not help, as inflation would make that income very small).
So the country that applies such policy must have some way of finding money. Some countries have natural resources that they can sell, so the problem is solved. But how about the rest?
I guess this will be financed by those, who are earning more money.
Let's forget about the question if this is moral or not to take away money from people who are working hard just to give away these money to those, who are not working at all.
However the taxation will make costs of work higher and higher. Country economy would become less competitive.
In addition avoiding taxes would start to be really profitable - people would start opening fake companies abroad, create fake costs, etc. it happens now as well, but the scale could be much bigger.
As usually, big players would be able to avoid taxes, so the one who would be hurt most are the "middle class". Taxes will eat their profits and the gap between the best earning people and the rest would be growing and growing.
For me it looks a bit as if we were trying to solve the problems caused by goods redistribution by applying more goods redistribution.