Earlier quoted context omitted.
Yes it is - it's been a while since I studied economics but I beleive it's called negative income tax.
NO basic income is a flat amount paid to everyone regardless of their income. What you are talking about is called means tested in work benefits in my country. It is bad - for all the reasons you mentioned but it is not basic income. Criticise basic income if you want (please do so if you are trained economist) but please do understand what it is before doing so otherwise you are merely burning a strawman.
>Negative income taxes can implement a basic income or supplement a guaranteed minimum income system.
IIRC it was proposed as a simplification of the means tested welfare. Basically NIT is the most realistic funding for Basic Income I've seen - but it's irrelevant - the incentives stay the same the only difference is that it screws over regular people a little less (depending on how it's funded, I'm unconvinced by any "tax the rich" scheme).
Anyway I was interested in this stuff in college when I took my intro econ classes I never looked in to it further but I'm 100% sure NIT is a basic income scheme.