Everyone will pay except the ruling elite.
At the beginning, taxes on work will be raised sharply. If you are productive, you will be forced to pay a lot. This will remove the incentive to work, and the people at the lower end of the scale (democrat voters) will stop working and collect money from the government.
They will take a chunk of accumulated wealth. This will be called a tax. It’s not a tax. It’s confiscation. Every year they will skim off a percentage. Probably 8%. After 12 years, they’ve taken it all, effectively.
They will initiate a tax on financial transactions. All electronic transfers and payments will be taxed. A small amount at first, and after the infrastructure is set up, the amount will be raised.
Inflation will break out. Anyone with savings will effectively lose them. The ruling elite and folks on welfare will not be hurt, as the politicians will raise the amount for inflation.
The country will be ruined financially, because hard work and drive, American qualities, will be disincentivized. The USA will have the economy of Zimbabwe or Venezuela.
In the ensuing disruption of the social order, the left will initiate a revolution, without calling it that, and push the USA into marxism.
As I usually put it:
Socialism advances until it runs out of other people’s money ... at which point it becomes Communism, where it takes everything.