[Nik Naym]

This is going to cause complete and total economic collapse. People will simply stop working. Between this and an effective tax rate of over 50% will remove all incentive to work.

Some people are going to crack up and become very very violent.

Others are going to simply give up. Why work if you get to keep nothing?

[Innovative]

“Some people are going to crack up and become very very violent.”

This is more likely than people realize:

Be prepared: Wall Street advisor recommends guns, ammo for protection in collapse

http://washingtonexaminer.com/be-prepared-wall-street-advisor-recommends-guns-ammo-for-protection-in-collapse/article/2541205

“A top financial advisor, worried that Obamacare, the NSA spying scandal and spiraling national debt is increasing the chances for a fiscal and social disaster, is recommending that Americans prepare a “bug-out bag” that includes food, a gun and ammo to help them stay alive.

David John Marotta, a Wall Street expert and financial advisor and Forbes contributor, said in a note to investors, “Firearms are the last item on the list, but they are on the list. There are some terrible people in this world. And you are safer when your trusted neighbors have firearms.”

[steve86]

Some people are going to crack up and become very very violent

That will make it impossible for them to receive any kind of subsidy as felons and DV violators are excluded.*

[Eric in the Ozarks]

Conditions like this speed the growth of black markets. People will do some jobs for cash.
Society as we know it will disappear.