It requires much higher taxes and/or central planning, as this thread' poll suggests. It will result in even more involvement of govt in every day life. It will result in more tax evasion and thus a war against tax evasion.
Therefore a probably outcome is nationalization of the means of production by state, so corporations' owners won't be able to hide profits.
I'd expect the prison population of BIG countries to exceed that of the US today if BIG is financed through taxes. If, for example Switzerland were to introduce BIG and finance that partly through VAT, the current habit of Swiss people to shop and fill the tank in neighboring countries can no longer be tolerated. Bern will need more, much more law enforcement.
If basic income implemented, I think most countries will shift from imprisonment to property confiscation as a punishment.
That's the Socialist spirit: Use violent force to solve all problems. Force entrepreneurs to work and rob them at gun point. Much good did that way of doing economics do to the Argentinian and Venezuelan economy.
You see, it doesn't stay there: Put yourself in the shoes of an entrepreneur and ask yourself what you would do. You would probably move to some other country. So the next reaction of govt is clear: Build a wall around your country to prevent people from escaping BIG paradise - tried and tested Socialist practise.
Say: From what will you pay the Guaranteed Income (TM) when entrepreneurs
use their creativity not to produce but to escape.
EDIT:
You mention "corporation owners". Those people will be just fine. Crony capitalists are good at entering a symbiosis with a socialist government. They don't care if their corporation is "owned by the people" because they know who the real owner is: The one who controls it. George Soros is a socialist. Ask yourself why.