Policymakers undoubtedly need to regulate AI and protect against its worst-case harms, like cyber attacks, which could impact our financial system and national security. We must also tackle the problem of AI’s accelerating demand for energy and ensure that families’ utility bills don’t skyrocket. And we need greater scrutiny of the murky world of private credit that finances a big chunk of AI deals so they don’t topple our economy.
Taxing AI is one way we make sure the winnings from AI benefit all Americans, rather than channeling them only to the wealthy few. If millions of people lose their jobs to AI, we’ll need the funds to deliver universal health care so those workers are not bankrupted by a visit to the doctor. If AI transforms the future of work, we’ll need to invest in free education and apprenticeships and a new jobs guarantee so that all Americans have good-paying work. And while workers get back on their feet, we’ll need the revenue to bolster unemployment insurance to keep families afloat. The only way we can get there is by overhauling our tax code.
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