Safety

Bernie Sanders proposes 7-trillion AI wealth fund

Bernie Sanders' plan would create a $7 trillion sovereign wealth fund through a 50 percent tax on AI firms with over $200 million in annual sales.

Woman using a laptop in a server room, showcasing modern technology and work environment.

Photo: Christina Morillo / Pexels

Senator Bernie Sanders has proposed a plan to transfer trillions from major AI firms to the public, giving Americans more control over the industry. The legislation, shared with AP News, would establish a sovereign wealth fund financed by a one-time 50 percent tax on the stock of the largest AI companies. Any firm generating $200 million in annual AI sales would be subject to the tax, as would new firms once they reach that revenue level. Sanders estimated the fund could be worth $7 trillion, generating hundreds of billions of dollars annually in direct payments to Americans for programs like health care, education, and housing. Each American would likely receive more than $1,000 annually in 5 percent annual dividends, according to Sanders. 'The benefits cannot simply go to the handful of wealthy corporations,' Sanders said. 'They will be shared by the American people.'

The legislation would also grant Americans 'direct influence over corporate decision-making' through a newly created, bipartisan Independent Commission for Democratic AI. Seven members of the commission, nominated by the president and confirmed by the Senate, would oversee the fund and use voting shares to block decisions that could harm the public. 'The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people,' Sanders told AP News. 'And that in fact, AI benefits ordinary people, not hurts them.'

AI industry leaders have expressed skepticism toward Sanders’ plan. While some CEOs like OpenAI’s Sam Altman and Anthropic’s Dario Amodei support public benefits from AI, their ideas are not as bold as Sanders’. Altman remained 'far apart' from the senator on how much stake the public should have in OpenAI, according to sources in the room. Sanders insists his legislation transfers a fair amount of wealth while ensuring AI benefits humanity. He confirmed he intends to campaign on creating the fund and criticized AI firms that expect to transfer less than 50 percent of profits as greedy. 'That’s not what we’re talking about,' Sanders said. 'What we’re talking about are two very different things.'

Source: arstechnica

Key points

Sanders proposed a 50 percent one-time tax on AI firms with over $200 million in annual sales.
The fund could be worth $7 trillion, generating hundreds of billions of dollars annually in direct payments to Americans.
Each American would likely receive more than $1,000 annually in 5 percent annual dividends.
A newly created, bipartisan Independent Commission for Democratic AI would oversee the fund and block harmful corporate decisions.
AI industry leaders like Sam Altman remain 'far apart' from Sanders on public stake in AI companies.
Sanders criticized AI firms that expect to transfer less than 50 percent of profits as greedy.
The legislation would grant Americans 'direct influence over corporate decision-making.'

Source: Ars Technica Read the original →

WRITTEN BY

Nadia Rahman

AI Safety, Alignment & Policy

Nadia follows AI safety, alignment, regulation, and the policy debates shaping the field.