There's just one tiiiiny thing wrong with that (well, there's a lot more than just one, but...). You can only do it once. Once all of that money is spent, what then? Those eeeeeeevil rich corporations that you just love to hate so much won't be so rich anymore, and a lot of them won't even be corporations anymore because they would either go out of business or move overseas, and then what? Where will the allmighty government get the money then?
Besides, even if every single person in this country (that includes you too, idiots) were taxed 100%, the government still couldn't pay off the debt, and of course the government isn't going to stop their insane spending either.