This idea,usually called basic income or negative income tax ,was also floated back in the early 70's and nothing came of it except for the Earned Income Tax Credit.Milton Freidman advocated for it and even that well known liberal Richard Nixon had a plan.
One of the principles of economics is what (beyond a point) you tax you get less of and what you subsidize you get more of.So I'd be careful with this.Once you give something out,it's hard to take it back .
Now excuse me as I need to go charge my Obamaphone. .