I don't think this will be pretty, especially in the US. There is kind of animosity towards people on welfare, etc. as an ideological position and moving towards UBI or God forbid some kind of socialism will be a very hard thing to swallow for many people. Even though it will be absolutely necessary. American working class has a long tradition of voting against their own interests. The capital holding elites will weaponize this sentiment to fight the high level of taxation that will be surely coming as you pointed out. Europe will definitely have an advantage in this and the transition will be smoother.