Bill Gates calls for higher taxes on billionaires — artificial intelligence makes them even richer
Gates also proposes taxing AI tokens and robots.
Microsoft co-founder Bill Gates believes that taxes on billionaires should be raised — it's the only way out in the era of artificial intelligence, writes Fortune.
Already, the wealth of people who founded or invested in AI companies or related fields is rapidly growing. However, this also raises the issue of inequality.
Philanthropic initiatives by wealthy individuals cannot be relied upon to bridge this gap, Gates stated in a recent interview with the Financial Times. Instead, politicians must move towards a progressive wealth tax, and only then will each person be able to decide how much to donate from their income.
Gates, the founder of the Bill and Melinda Gates Foundation, decided at the beginning of last year to give almost all of his wealth — about 100 billion dollars — to this organization. The only condition was that all the money must be spent within the next 20 years.
However, even these sums will not be enough to compensate for the inequality that AI is likely to bring. Currently, the wealthiest 1% of people in the US own more than 50% of the country's stock market.
“Therefore, in the world of artificial intelligence, changes will have to be made to tax systems, including the possibility of taxing people with enormous wealth, the possibility of taxing billionaires,” Gates added.
Gates also proposes taxing AI tokens and robots.
Gates's proposal to tax the super-rich is not universally popular among his fellow tech company founders. Google co-founder Sergey Brin and former CEO Eric Schmidt moved to states with more favorable tax regimes amid California's proposed billionaire tax. Other entrepreneurs, such as Nvidia founder Jensen Huang, say they understand why they might be taxed more.
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