Bernie Sanders unveils $7 trillion plan to give Americans control of AI industry

Senator Bernie Sanders has introduced a groundbreaking initiative aimed at redistributing wealth from major artificial intelligence companies to the American public. This ambitious proposal, which could reshape the AI landscape, seeks to establish a sovereign wealth fund valued at an estimated $7 trillion. According to a summary shared with AP News, the fund would be financed through a one-time 50 percent tax on the stock of the largest AI firms. Any AI company generating over $200 million in annual sales would be subject to this tax, impacting both existing firms and new entrants once they reach that revenue threshold. Sanders anticipates that this fund could yield hundreds of billions in annual payouts to Americans, with each citizen potentially receiving more than $1,000 a year in dividends. Sanders emphasized that the benefits derived from AI should not solely enrich a handful of corporations. "The benefits cannot simply go to the handful of wealthy corporations," he stated, asserting that they should be shared with the broader populace. The proposed legislation also aims to give Americans a direct say in corporate decision-making related to AI. To oversee the fund, a newly established bipartisan Independent Commission for Democratic AI would be created, consisting of seven members nominated by the president and confirmed by the Senate. This commission would be empowered with voting shares to block corporate decisions that could negatively impact the public. "The public has got to have a significant seat at the table to ensure AI serves the interests of ordinary people, rather than harming them," Sanders remarked. While some tech leaders like OpenAI's Sam Altman and Anthropic's Dario Amodei have expressed support for public benefits from AI, their proposals have not matched the scale of Sanders' vision. During a recent meeting, Altman was reported to be "far apart" from Sanders regarding the extent of public ownership in AI companies. Despite differing viewpoints, Sanders remains committed to advocating for the fund, framing it as a necessary step to ensure that the advancements in AI benefit humanity at large rather than a select few. He has labeled AI firms that aim to contribute significantly less than 50 percent as "greedy," reinforcing his stance on equitable wealth distribution in the tech sector.