Due to the nature of poor people having no economic option except to do labor, the above system would effectively only return the money back to the workers. Anyone with enough wealth accumulated to no longer need to work would be paying more in taxes than they receive by UBI

As for whether the entire system of investing materials/capital when a project is risky should be rewarded at all (ostensibly the rich class' job) - mine is a conservative take. It could be rewarded less, certainly (via a wealth tax). Completely removing that mechanism ("money illusion") seems like a recipe for a society where there is little point in taking any risky venture.