A new bill would tax AI tokens to fund jobs if the technology causes mass unemployment
Revenue from a proposed excise tax would fund housing construction, infrastructure, child care and elder care as automation spreads.
A new House proposal aims to tax AI companies in order to address possible job losses. The tax would be imposed on major AI firms and increased as unemployment rises, with the revenue directed towards creating jobs in various sectors. According to Rep. Sara Jacobs, if Congress fails to act, AI could lead to the largest wealth transfer in history from the bottom to the top.
The bill, co-introduced by Reps. Greg Casar and Valerie Foushee, proposes taxing either AI tokens or the revenue from AI services and transactions. Starting at 2% and 3% respectively at 5% unemployment, the rates would increase as unemployment rises. This is part of a broader effort by Congress to counter potential job displacement due to AI, with several proposed bills focusing on job creation, disclosure of layoffs, and taxing AI data centers.
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