Not a new idea. First time I heard about something like this was when Milton Freedman came up with it; a bill was proposed to implement a plan like this in the late 1960's and early 1970's, with his support, but got tabled in committee by Scoop Jackson. The monetarists should like it, since it keeps cash recirculating around the domestic economy instead of going straight to the top .1% and just sitting there.
Friedman's last estimate of the basic income needed was around $40,000 a year per adult person, basically just shy of minimum wage adjusted for inflation as it stood in about 2008. All the other bureaucracies involved in welfare and the like would disappear , at least theoretically. Many people would still work anyway, they just won't have to put up with assholes who think their employees are their personal slaves 24/7 any more, and many could get out of the cities and live in smaller, better places. This later is a real threat to the race baiters like Sharpton and most Democrats, though, as half the "Hoods empty out and disperse, so don't expect the DNC to ever get behind it unless some scheme to keep ghettoes simmering cesspools is included. It would also require much stricter immigration and criminal illegal alien controls or it will collapse in a very short time just like every other social safety net and public school systems have. Limiting it to those who can show 4 or 5 previous generations of living here is also desirable.