Could an economist weigh in on this? Naively, this seems ridiculously expensive to me. If you wanted to eradicate poverty with this policy, say pay everyone 60

Could an economist weigh in on this? Naively, this seems ridiculously expensive to me. If you wanted to eradicate poverty with this policy, say pay everyone 60% of the mean income, that means the gov't will need to raise taxes by some amount X, in order to provide a corresponding 10% of mean earnings to every member of the population. If you do the quick math for a 5% value of X that would mean an increase in taxes of 30% (on top of the already existing education, national security, health care taxes), so taxes could easily approach 60% or more, unless it is feasible to have a very small value for X mapping onto 10% mean income increase... Anyway, I'm not an economist and would very much like to hear what one has to say about this idea, because it does seem to good to be true.