Back to Markets
Stocks● Neutral
Sanders Bill Would Give Public 50% of Big AI Companies
Sanders' bill would tax big AI firms 50% of stock into a $7 trillion sovereign wealth fund, giving the public half ownership. Y Combinator's CEO called it a war on startups.
Continue with
Sen. Bernie Sanders (I-Vt.) introduced a bill Thursday that would tax the largest artificial intelligence companies 50% of their stock in a one-time levy, depositing the shares into a new sovereign wealth fund. The fund would effectively give the American public half ownership of the firms.
At current valuations, the fund created by the “American A.I. Sovereign Wealth Fund Act” would be worth an estimated $7 trillion, Sanders said in a press release. The one-time tax applies to companies that record $200 million or more in annual AI sales. AI companies are defined as those involved in data centers, computing infrastructure, services and advanced robotics, according to a bill summary.
Companies that operate both AI and non-AI businesses would have to separate them so the public receives a stake only in the AI side. As new AI companies cross the $200 million sales threshold, the tax would apply to them too, the summary said.