Could UBI cause short term/long term economic problems?

I read a some years ago that in order for the US to implement UBI (Universal Basic Income) the government should put a Flat rate of 60% income tax on income above 500 thousand dollars a year, a 20% VAT, cut all corporate welfare and finally, which really interests me, renegotiate to 0 or basically 0 the interest on the debt the government owns to itself, therefore suspending interest payments. Would that proposal be feasible or could It cause serious economics problems? Also, could UBI cause inflation? I am not aware of any study on the matter since they are usually city-based region-based. Thanks in advance!