Right. All of this is true.

But the point of a Basic Income is that it substitutes for other forms of income support/welfare.

That's supposed to increase the incentive to work, because many forms of welfare are income dependent. For example, we often hear reports of parents who refuse to work because they'll lose some or all welfare payments and their wages will be net worse off.

If everyone gets the basic income, then maybe this effect can be overcome. There's some reason to think this could be true - the marginal benefit of $1 extra at low income levels is much more than at higher levels.

It's worth noting that many conservatives support a basic income because of this, and because the system will be much less complicated and reduce the number of government programs.

The first problem is that you're comparing children to adults. Adults are slightly more nuanced in their thinking.

The second problem is your use of the word "steals". Does the hedge fund manager who earns $3.5 billion income in a single year deserve all that money? I disagree very strongly with that. In fact I'd use the word "parasite" to describe someone who earns that much.

"work has no value without ownership of it's rewards"

So you work only for the money? I bet you're lots of fun at parties.