‘They seem to have more money than God’: AI companies face major reality check as states cut billions in tax exemptions — with Bernie Sanders calling for regulation so tech billionaires no longer ‘play God’ and ‘determine the future of humanity’

In recent years, states across the US have experienced a significant shift in their financial landscape due to tax exemptions provided to AI data center companies. These exemptions, which were once seen as a way to attract lucrative investment, are now being questioned and even withdrawn. Ohio, for example, projected that tax exemptions would cost them just $136 million in lost revenue for 2026, but in reality, they incurred a loss of $1.6 billion - more than 10 times the initial estimate. This situation has prompted calls for greater regulation and taxation on big tech and AI companies.

Democratic Rep. Tristan Rader, from Ohio, has called for renegotiating tax exemptions for hyperscalers such as Amazon, Meta, and Google. He believes that these companies, which "seem to have more money than God," should face additional requirements before projects are approved, including higher taxation and more payments for the energy infrastructure they rely upon.

Senator Bernie Sanders has also been vocal about the need for regulation on AI technologies. He has criticized the control of AI by a handful of greedy people, stating that it "determines the future of humanity." Sanders has proposed the Ban Artificial Superintelligence Act, which aims to pace US artificial intelligence development and implement export controls to prevent the development of AI technologies that exceed human control.

The act includes severe penalties for non-compliance, such as prison sentences of up to 20 years and a "corporate death penalty."