Bernie Sanders unveils $7T plan for public control of AI
▼ Summary
– Bernie Sanders proposed a law creating a sovereign wealth fund financed by a one-time 50 percent tax on the stock of the largest AI companies, including any firm with $200 million or more in annual AI sales.
– The fund is estimated to be worth $7 trillion, generating hundreds of billions annually for direct payments to Americans and programs like health care, education, and housing, with each American likely receiving over $1,000 per year in dividends.
– The legislation would create an Independent Commission for Democratic AI, with seven members nominated by the president and confirmed by the Senate, to oversee the fund and use voting shares to block corporate decisions that could harm the public.
– Sanders argues the plan ensures AI benefits are shared by the American people, not just wealthy corporations, and gives the public a significant role in corporate decision-making.
– AI CEOs like Sam Altman have shown support for some public benefits from AI, but remain “far apart” from Sanders on how much stake the public should have, and Sanders intends to campaign on the fund, criticizing firms that resist the 50 percent tax as greedy.
Senator Bernie Sanders has introduced a sweeping legislative proposal aimed at transferring control and wealth from the biggest artificial intelligence companies directly to the American public. The plan, which goes further than many industry observers anticipated, would fundamentally reshape how the nation profits from and governs AI technology.
According to a summary shared with AP News, the proposed law would establish a sovereign wealth fund financed by a one-time 50 percent tax on the stock of the largest AI firms. Any company generating $200 million or more in annual AI sales would be subject to the levy, and any new firm would face the same threshold once it reaches that revenue level.
Sanders estimates the fund could ultimately be worth $7 trillion. The revenue would generate “hundreds of billions of dollars annually in direct payments to Americans and programs such as health care, education, and housing,” AP News reported. The senator projects that each U. S. citizen would likely receive more than $1,000 per year in the form of 5 percent annual dividends.
“The benefits cannot simply go to the handful of wealthy corporations,” Sanders said. “They will be shared by the American people.”
The legislation goes beyond financial redistribution. It also aims to give Americans direct influence over corporate decision-making within the AI sector. A newly created, bipartisan Independent Commission for Democratic AI would oversee the fund. Composed of seven members nominated by the president and confirmed by the Senate, the commission would hold voting shares that could block any corporate decisions deemed harmful to the public, according to The Hill.
“The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people, and that in fact, AI benefits ordinary people, not hurts them,” Sanders told AP News.
The plan is unlikely to receive a warm welcome from the AI industry. While some CEOs, including OpenAI’s Sam Altman and Anthropic’s Dario Amodei, have expressed support for some public benefits from AI, their proposals are far less ambitious.
During a meeting with Sanders, Altman remained “far apart” from the senator on the question of how much stake in OpenAI the American public should hold, sources present told AP News. Nonetheless, Sanders insists his legislation transfers a fair amount of wealth while ensuring that AI ultimately benefits humanity. He confirmed his intention to campaign on creating the fund, and during the meeting, he characterized AI firms that expect to transfer significantly less than 50 percent as greedy.
(Source: Ars Technica)
