Exactly. Until we put either the heaviest lid on capitalism (never going to happen) or upend the system entirely, UBI will “drive inflation,” meaning we’ll still make the same (or probably somehow less) at our jobs while the UBI money literally just keeps everything at the same affordability. There is no world in which business doesn’t just go after that money. We saw very recently, with the flimsiest of excuses, capitalists will claim “inflation” while pocketing record profits. They’ll do the exact same if UBI is implemented without some massive changes to capitalism.
Burn it all down. Anyone that still has hopes for fixes that maintain the capitalist system are fooling themselves. We have no other options at this point. It’s either we do it now, or wait until capitalism and the devastating effects of climate change force our hand. At least if we do it now, at our own discretion, we might be able to throw the emergency-emergency brakes on climate change. Otherwise, companies and the capitalists that run them will absolutely watch us all fry from their self-sustaining pod homes that are built in the upper atmosphere to keep the temperature bearable and to stay above the devastating weather events. And they’ll do it without thinking twice.
But raising taxes for the richest is a small band aid on a massively flawed system. It’d be like getting a second, even smaller bucket to bail water out of the titanic. After it’s broken in half.
There are so many incredibly serious problems that higher taxes for the wealthy wouldn’t fix. Liberals tend to cling to this option because it worked back in the 20th century. But capitalism has kept getting more and more “streamlined,” fucking over the working class more and more. Because the concept of endless growth has continued through multiple decades of massive changes to the game that only favored the wealthy, changes to the tax code being one that happened so long ago that it’s an entirely different concept at this point. Outsourcing, vertical integration, the explosion of invasive advertising, data mining, the explosion of privatization, the infestation of private money dictating policy, the infestation of private interests writing policy…this is a small list of the most visible things that have become so entrenched that a wealth tax would almost be nothing.
That money would get funneled right back into their pockets, even if they somehow let a wealth tax bill through—yeah, they LET a bill through. As you said, a massive stumbling block that only goes to show how deep this problem is.