Your analysis is spot on. UBI funded by taxes is redistribution.
Is that a bad thing? It would obviously have some negative effects. We'd immediately see damage to luxury brands and yacht sales. The art markets would crash. Stock markets would feel some pain.
The upside though? My hunch is that making most people feel secure enough to risk starting/joining businesses is fuel for a strong and innovative economy. The fact that so few of us are able to take those risks is a constraint on growth.
My assumption is that UBI is a significant transfer of wealth from the richest to the rest. Isn't that the whole point? Exactly how to structure the taxes that pay for it is naturally a key question.
Given that, it's pretty safe to assume markets that cater exclusively to the ultra-wealthy will be harmed by reduced demand as their customer base shrinks.
Higher tax rates will also exert downward pressure ob stock values as companies make less profit and investors tighten their belts. (Especially if there's a wealth tax.)
Is that a bad thing? It would obviously have some negative effects. We'd immediately see damage to luxury brands and yacht sales. The art markets would crash. Stock markets would feel some pain.
The upside though? My hunch is that making most people feel secure enough to risk starting/joining businesses is fuel for a strong and innovative economy. The fact that so few of us are able to take those risks is a constraint on growth.