The structual changes in the labour market don't play well with this approach. Technology driven job displacement is accellerating in tandem with the effect of "Moore's Law" on the supply/demand curve for human labour.

Technology assets advance until they become a more efficient replacement for human labour at non-arithmatic rates while humans evolve at a snail's pace in comparison. The logical extension of this is accelerating migration of wealth to the owners of technology assets. Logically, one would expect this inequality gap to widen over time as fewer human workers are needed in the production of goods and services.

The ultimate result in the context of this proposal would be 1) a small class of humans accumulating ever increasing levels of passive income on the backs of the machine labour they own 2) a very large class receiving a barely sustainable passive income on the backs of machine labour they don't own.

Or... am I missing something?