An enormous tax increase only if you figure there would be no compensating decreases in government expenditures. Unemployment benefits (60B$), medicare (600B$), social security (800 B$), welfare benefits (300B$) are just a start. [1] That's just at the federal level; there are a lot of state expenses that would go away as well. And there would be a lot of administrative costs eliminated, and a lot of corporate welfare programs could be cut as well, because everyone would have access to basic income.
[1] http://www.usgovernmentspending.com/us_welfare_spending_40.h...