There's something fundamental I'm missing about this proposal: how will this not cause inflation on consumer products? People who earn above the basic income level will be hit with a double whammy: (1) They have to fund the basic income with higher taxes (2) They have to pay higher prices for consumer products due to the inflated supply of money being spent on consumer products

I just don't see the point, but I would be interested in seeing the practical consequences if another nation tried it.