Soak the rich. Doesn't sound right does it? Yes, we know it means tax the rich until... I dunno, their nuts fall off or something. But what has it got to do with getting wet?

I thought I'd do some googling. Which is easy. But actually coming up with an answer proved anything but. Here's the best I could find:

5. Beat severely; slang.

So, that's what they mean.

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