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Entrepreneur Andrew Yang’s proposed “Freedom Dividend,” is only the latest in a long tradition of basic income proposals. The two major varieties are a negative income tax (NIT) paid to those below a certain threshold, and a universal basic income (UBI) paid to everyone regardless of socioeconomic status; Yang’s Freedom Dividend is an example of the latter.TLDR: It’s a neat idea that has some wise aspects we discuss, but as proposed it’s not practical: it would create an unsustainable entitlement that gives us inflation [as other answers here note] and becomes the ultimate “bread and circuses” political football as populists fight to grow it over time. While we *are* going to face real challenges from technology-driven creative destruction, the urgency here is based on recurring flawed economic premises we’ve seen for over 200 years, ever since the first massive wave of creative destruction in the industrial revolution.Any policy we create should keep in mind that humans require dignity and to be needed - to serve and create value for each other - not to be treated as liabilities.There is much to be said for UBI. A basic income could allow the millions of Americans who live paycheck to paycheck to create a savings account, maintain financial stability while changing jobs, and achieve a frame of mind where they are able to invest and plan for their future vs the stressed, short term focus of surviving day to day that poverty engenders. A guaranteed financial buffer would empower all individuals to pursue employment in a new geography—flexibility our economy has been losing but badly needs—and make it easier to work on an entrepreneurial venture, or spend more time with their families. These prospects currently seem out of reach to many of the poorest Americans.The Freedom Dividend proposed by Andrew Yang would give every American citizen $1000 a month. But there are notable drawbacks to this universal approach. The obvious concern is expense—UBI would require more spending than is necessary to offer support to the most vulnerable. Estimates on the cost of the Freedom Dividend are high—in excess of $2.8 trillion, or 15% of our entire GDP. Even with the steep tax increases that Yang proposes, the Tax Foundation estimates an increased budget deficit of $1.48 trillion [thus likely significant inflation].[i]Of course, much of this exorbitant cost comes from the fact that every citizen gets it, not just the economically disadvantaged. There is an argument to be made for giving certain benefits to everybody, to prevent negative incentives against success and to simplify the cost of administering benefits. But the main reason that Yang believes we must offer this support to everyone, not just the most vulnerable, is because he believes that Americans of many different economic statuses will soon suffer from employment insecurity.[ii]Yang's concerns drive his urgency for the Freedom Dividend, and echo the increasingly popular sentiment of consultants and pop-culture armchair theorists that rapid technological advancement will cause massive unemployment.Many of today’s fears are akin to the well-meaning anti-technology movements of the past industrial revolutions such as the prescient but incorrect fears of the great economist David Ricardo in 1817, before the original industrial revolution: “[With] the substitution of machinery for human labor… there will necessarily be a diminution in the demand for labor, population will become redundant, and the situation of the laboring classes will be that of distress and poverty.” They make the argument that “this time is different.” Ironically, not only is this unlikely to be the case in the coming decades, but at the moment the country has a demand for several million unfilled jobs in skilled vocational labor as well as in computer science and other fields from across the economy—jobs which would require near human-level AI to automate.Just as the innovations of the industrial revolution rendered the jobs of many farmers and local craftsmen obsolete, they also created new jobs that were unforeseeable just decades before. Real wages grew throughout the industrial revolution, and more jobs were added than were eliminated. For example, in the 19th Century, 98% of the labor to weave cloth was automated, but the number of weaving jobs actually increased. In a later scenario, the ATM automated cash-handling tasks, but the number of bank tellers has grown substantially faster than the entire labor force.[iii]In the past three hundred years in North America, technological progress has destroyed about half of the jobs every ninety or so years.Jobs don't reflect the same invariant social needs, instead they reflect human creativity and a culture of serving others in whatever way we can—with free people living in a prosperous society, we will always find new ways to serve one another. In other essays, we discuss the job issues and jobs of the future at greater length (see bottom).Sure—if AI actually replaces people, or is built in a way that's superior to people in all important ways, it will present a major jobs problem—but if that was the case it would also present an existential crisis, akin to the creation of a Messiah. Just as in past volatile eras, some of today's youth are focused on this religious "end of times", only today their version of revelations includes an AI-driven singularity. Were this to come to pass, it would change everything: but the arrival of the messiah is not the right focus for practical economic policy. Up to a singularity-like event, AI will not eliminate human ability to create value for society in thousands of ways, acting as assets to society vs liabilities.Even so, Yang is correct that the process of creative destruction is accelerating. While it is unlikely that more jobs will be lost than created, it is reasonable to imagine an uptick in frictional unemployment, which might require an expansion of unemployment benefits. It's the view of my policy group at the Cicero Institute that a basic income—or negative income tax—for those under a certain financial threshold could be more beneficial than current government assistance programs for the unemployed and poor.As Milton Friedman pointed out, a negative income tax would simplify the process for people who receive entitlement benefits and reduce administrative bureaucracy.[iv]Like UBI, a simple negative income tax would consolidate the 110 anti-poverty programs and wouldn’t require as robust a bureaucratic administration. Most importantly, simplifying the complex eligibility determinations would mean people on government assistance would never lose benefits at an incommensurate rate to their rise in income, as many do now [in other words, current programs often accidentally disincentive work].[v]A negative income tax would also better meet the needs of those on government assistance: in this case, NIT lines up with UBI - and shows a key aspect where both are wiser than our current policy. Research on international charities has suggested that cash transfers are a more effective form of assistance. GiveDirectly—a charity started by a group of Harvard and MIT economics students—has found that charitable cash transfers have more successfully met the needs of impoverished Kenyans. Cash transfers allowed recipients to purchase what they determined they needed most: a more diverse diet, a better roof, school fees, or starting a business.[vi] At the same time, a cash transfers through a NIT require less government oversight. There would be no paternalistic requirements to test people for drug use, observe their eating habits, and generally intrude on their lives to collect data, which in turn restores the dignity and liberty of impoverished people.Dignity is central to the debate on basic incomes. Maintaining the dignity of impoverished people is of highest importance, and basic incomes and negative income taxes both seek to establish a financial floor for citizens. But we must be careful not to diminish the dignity of labor in that pursuit. Reducing work to its pecuniary aspects mischaracterizes it as a fetter.People’s pride and purpose come from being needed—from feeling like an asset to their communities, families, and selves—and most often, the asset they provide is their work. While it is unlikely that any universal basic income plan implemented in our lifetime will completely absolve people of the need for employment, we must consider the unintended consequences: any popular program like this would create a voting bloc demanding more of it! Not only does is this financially unsustainable , it robs people of their motivation to work. A negative income tax, however, would streamline government spending on assistance programs and is consistent with promoting hard work and the self-respect that accompanies it.For more on this topic and the jobs that will be created in the future as creative destruction eliminates a lot of the most common rote and repetitive labor in today's economy, please check out some of my other essays: Future of Labor Part I[vii]and Future of Labor Part II.[viii][i]https://taxfoundation.org/andrew-yang-value-added-tax/[ii]https://www.yang2020.com/what-is-freedom-dividend-faq/[iii]Bessen, James. “How Computer Automation Affects Occupations: Technology, Jobs, and Skills.” Boston U. School of Law, Working Paper, May 16, 2016.[iv]https://mitsloan.mit.edu/ideas-made-to-matter/negative-income-tax-explained[v]Ibid.[vi]https://www.bbc.com/news/world-africa-39038402[vii]https://medium.com/8vc-news/the-future-of-labor-pt-i-keynes-f3ae0f2808b6[viii]https://www.joelonsdale.com/news/future-labor-pt-ii-new-job-creation/

Following are the easy steps for registration :Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate)What is a Director Identification Number (DIN)?Director Identification Number (DIN) is a unique identification number issued by the Ministry of Corporate Affairs (MCA), for an existing director or a person intending to become a director of a company.Documents required for DIR-3 ApplicationIn case of Indian Nationala) Identity Proof: Copy of PAN Card (Income Tax Permanent Account Number (PAN) is mandatory in case of Indian National and in such cases applicant details should be as per Income tax PAN)b) Address Proof: Copy of Passport or Election/Voter ID or Ration Card or Driving license (address having pin code) or Electricity/telephone (Utilities) bill or AADHAR Card. All this should be in the “Name of Applicant” only and it should not be older than 2 months from the date of filing of the e-form.c) Passport Size Photograph (latest) : 1 photocopy or a soft-copy in (.JPEG format)d) *Current Occupatione) *Email Address of the Applicantf) *Mobile/Cell Numberg) *Educational qualificationh) *Verification to be signed by the Applicant.Important Notes :1. All the documents require “Self attestation”.2. In case, the director is residing outside India, the attached supporting documents should be attested by the Consulate of the Indian Embassy, Foreign Public Notary. In case of director, supporting documents can also be attested by Company secretary in full time employment / CEO / Managing director of the Indian company in which he / she proposed to be a director.3. DIR-3 shall be digitally signed by the same person i.e. applicant who is filing the application and by either of the following:a) Company Secretary (in whole-time practice) or a Chartered accountant (in whole-time practice) or Cost accountant (in whole-time practice)b) Company secretary in full time employment or Director of the company in which the applicant is to be appointed as a director4. While making DIR-3 Application following details are mandatory :First Name, Middle Name, Last Name, Details of father of an applicant (even in case of a married woman)In case of a Married woman, a photocopy of the Marriage Certificate is required (If DIN needs to be in the “Changed Name”)5. There could be instances of DIR3/DIN Rejection.6. * Starred items are mandatory fields of DIR-3 applicationWhat is a Digital Signature Certificate (DSC)?Digital Signature Certificate (DSC) is the digital equivalent (i.e. electronic format) of physical or paper certificates. Examples of physical certificates are driver’s license, passport. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally. Since MCA accepts electronic submission of Forms on its website the DSC is mandatory for all the users.Documents required for obtaining DSCa) Digital Signature Certificate application Form (duly signed by an applicant). An applicant is required to sign across the photo.Download the DSC Application form (Class II Individual Certificate)b) All other documents are same as required for the DIR-3 ApplicationNote: All the documents require “Self attestation” and identity proof and address proof should be attested by either a Gazetted officer (Class I) or Bank manager or Post Master.Step 2. Search for the Company Name availabilityThe Promoters have to provide at least 6 names in the order of their preference/priority. The Promoters can themselves search for the available names by visiting the MCA Website: Check Name Availability It is also advisable to check any pre-existing Trademarks already registered with the Company name being Proposed, since RoC normally scrutinises the same & may reject the Proposed names on that basis (if similar TM Name is already registered). Promoters should search for any existing Trademark using Controller General of Patents Designs and Trademarks (CGPDTM) / website Check Trademark .Step 3. Application for the Name availabilityAfter drafting of Main Object of the proposed company, need to file e-Form INC-1 (Application for reservation of name) with Registrar of Companies for name availability. The Applicant needs to give 6 proposed names in preference/priority along with their meaning and significance of each word.Also refer MCA General Circular on Use of word ‘National’, ‘Bank’, ‘Exchange’, ‘Stock Exchange’ in the names of Companies or Limited Liability Partnerships (LLPs).Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association (AOA)What is a Memorandum of Association?Memorandum of Association covers fundamental provisions of the company’s constitution. It covers main object and other objects of the company.What is Articles of Association?Articles of Association contain rules and regulations governing the internal management of the company. It is a binding contract between company and its members and members among themselves defining their rights and duties.As per Section 4(5)(i) of the Companies Act 2013 upon receipt of an application under sub-section (4), the Registrar may, on the basis of information and documents furnished along with the application, reserve the name for a period of sixty days from the date of the application.After name approval from ROC, the next step is to draft MOA & AOA. The subscribers need to specify Name, Address, and Occupation in their own handwriting & sign the subscription pages of MOA & AOA.Where subscriber to the memorandum is a Foreign National (residing outside India), please refer Chapter 2 of Companies (Incorporation) Rules, 2014 notified by Ministry of Corporate Affairs for knowing the procedure of obtaining attestation and notary while signing subscription pages of Memorandum and Articles of Association and other relevant document.Step 5. Filing of e-forms with RoC (Registrar of Companies)Following Forms to be filed/uploaded on the MCA Website.a) Form INC-7 : For application of Incorporation of the Companyi) Mandatory attachments to e-form INC-71. Memorandum of Association2. Articles of Association3. Declaration by Professional in INC-84. Affidavit from the subscriber to the Memorandum in Form No.INC-95. Proof of residential address which should not be older than two months6. Proof of identity7. Verification of signature of subscribers i.e. Form No. INC-10, in case the company is not having share capital.8. It is mandatory to attach entrenched Articles of association if any of the articles are entrenched.ii) Optional attachments depending upon case1. Copy of in principle approval granted by the Reserve Bank of India or any concerned authority in case proposed company shall be conducting NBFI (Non-Banking Financial Institution) activities2. NOC in case there is change in the promoters (first subscribers to Memorandum of Association)3. Proof of nationality in case the subscriber is a foreign national4. PAN card (in case of Indian national)5. Copy of certificate of incorporation of the foreign body corporate and proof of registered office address6. Certified true copy of board resolution/consent by all the partners authorising to subscribe to MOAb) Form INC-22 : For Notice of situation of registered officeAttachments to e-form INC-221. Proof of Registered Office address (Conveyance/Lease deed/Rent Agreement along with the rent receipts) etc.2. Copies of the utility bills (proof of evidence of any utility service like telephone, gas ,electricity etc. depicting the address of the premises not older than two months is required to be attached).3. No Objection Certificate or permission to use4. Certification of e-form INC-22 by CS/CA/CWA (in Whole Time Practice)c) Form DIR-12 : For providing information about particulars of appointment of Directors of the company and Key Managerial PersonnelAttachments to e-form DIR-12Following are the Mandatory attachments in case of an appointment of a Director / Manager / Company Secretary / CEO / CFO.1. Letter of appointment2. Declaration by first director in Form INC-93. Declaration of the appointee director, managing director, in Form No. DIR-2Step 6. Payment of RoC Fees & Stamp DutyAfter filing of documents online, we need to make payment of RoC fees and Stamp Duty electronically which is based upon the Authorised Capital of the Company.Step 7. Verification of documents / forms by RoCAfter payment of all RoC Fees & Stamp duties, RoC verifies/scrutinises all the documents and forms and may suggest few changes to be made in the attachments or form itself. We need to make necessary changes accordingly.Step 8. Issue of Certificate of Incorporation by RoCOnce all the Forms are duly approved by RoC, the digitally signed “Certificate of Incorporation” is emailed to the Directors.As part of the Green Initiative by the MCA (Ministry of Corporate Affairs), few Certificates including “Certificate of Incorporation” are now issued only in the electronic format i.e. soft-copy (having digital signature of RoC Registrar). Once the Incorporation Certificate is received, Company can start it’s operations.Reference - Ministry of Corporate Affairs WebsiteThanks for A2A !

There are not 300 million taxpayers in the US. Only about 136 million, out of about 250 million adults.The great majority of the 1–1/4 trillion dollars in income taxes is collected as withholding taxes from employers. The only way most people could stop paying their taxes would be to quit their jobs, but then with an income no taxes would be due, except on financial transactions, annuities, and the like — certainly not the majority of the population.What people might do would be to stop filing their tax forms, which generally are due one a year. You don’t immediately go to jail for that. It would take years for the government even to take you to trial for the alleged cramming of not filing a tax form. As a practical matter, they would not even try, with the vast majority of the population.There are more people who claim refunds than there are people who pay additional taxes with thier filings. So if everyone stopped firing their tax forms, the government would have a surplus of revenue from overcorrecting withholding taxes (but not, of course, an overall government financial surplus).Hard to imagine the entire population of US taxpayers suddenly stopping all cooperation, and continuing that boycott indefinitely. IF corporations quit sending in witholding taxes, the Feds would be out in force, shutting them down one after another and seizing bank accounts and other assets to ret the money owed. The government is quite sensitive about companies sending in money they have withheld as taxes.But no, if you’re worried, the government would not just go out of business. Congress would merely authorize higher borrowing, the government would sell more bond, and the country would keep going. In the end, everyone would end up paying all of the late taxes due, with interest and penalties attached. For those who persistently did not file, the government would simply make an assessment based on their estimates of individuals’ incomes and tax liabilities. Then they would move to seize people’s bank accounts and other assets, and continue levying interest and penalties on those people.You can’t win a game like that. You shouldn’t even try, because in the end the government will get everything that is due to them, plus interest. And penalties. But almost no one goes to jail for tax evasion, and that number would not rise appreciably. due to the game you propose.