We already have an income tax that is far above 20% in the upper brackets and it is not sufficient today to fund health care and infrastructure leastwise a UBI.
Giving someone $12,500 and taking back $2,500 is just giving them $10,000. Where is that going to come from? Not from reducing the upper bracket income tax from its current rate down to 20%
Your idea that we will simply print more and more money until we see inflation start to go up and then we will stop and we will use that extra “new printed money” to fund the UBI is hardly a practical solution because there is no way to understand how much money that will be.
Also, inflation is not linear. As you know, when banks lend money they create more money and when they cut back on lending they withdraw money from the economy at a multiplier rate based on the percentage they can lend versus their required reserves.
That means inflation can suddenly drastically increase in a non-linear fashion.
This “print money until we see inflation” is not a practical plan. A better solution is a guaranteed job for every able-bodied citizen at a living wage with a gov’t subsidy paying the difference between the market’s payment for the labor and the cost of the wages. — David Grace