A guaranteed annual income is something being talked about and experimented with in other countries at about that same monetary level. There is a huge LOGISTICAL advantage in doing this, because you use that to replace all kinds of other support program overhead. The costs of administering the myriad of local, state/provincial and federal programs is very high.
So, in actuality, the administrative costs go way down, since you only need one bureaucracy to administer ONE program.
I think the idea is promising, but I’d still like to see the very wealthy exempted.