Newly released text offers details on legislation from progressive Sen. Bernie Sanders, I-Vt., for the federal government to take a 50 percent share in leading artificial intelligence companies.
The text of the as-yet unnumbered bill, released Thursday, would put a one-time tax on AI companies with more than $200 million in annual sales, to be paid in stocks. The resulting sovereign wealth fund would then be used to pay dividends to taxpayers and to fund social priorities like education, health care and housing.
The bill, titled the “American A.I. Sovereign Wealth Fund Act,” is unlikely to become law under Republican control of Congress, but the idea of creating a system for the public to benefit from AI profits has supporters within the industry and on both sides of the political spectrum.
Speaking to reporters on Thursday, Sanders said that by establishing public control over voting shares in AI firms, the bill would give “the American people the ability to prevent AI developments which will negatively impact their lives.”
Under the legislation, the fund would be overseen by a seven-member board appointed by the president and confirmed by the Senate.
