Senator Bernie Sanders Wants to Tax AI Giants Into a $7 Trillion Public Fund

Senator Bernie Sanders has introduced legislation that would impose a one-time tax on the stock of qualifying AI companies, routing the funds into a roughly $7 trillion public fund and fueling a wider push to tax extreme wealth.

The bill lands the same week as the California Billionaire Tax Act gathered enough signatures to qualify for the November ballot. Wealth-tax proposals are now advancing on both federal and state fronts.

Inside Bernie Sanders’ Proposal to Create a $7 Trillion Fund

The legislation, first seen by The Associated Press, imposes a one-time 50% tax on the stock of AI firms generating at least $200 million in annual AI sales. The shares would seed a sovereign wealth fund worth close to $7 trillion, according to Sanders’ estimates.

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A seven-person independent commission would manage it, with members confirmed by the Senate. Sanders estimates a 5% annual dividend could send every American more than $1,000. The senator framed the measure as a return of value created by the public.

“The benefits cannot simply go to the handful of wealthy corporations. They will be shared by the American people,” he said.

California Tax Backers Dangle a Lower Rate

Meanwhile, a California ballot measure proposing a wealth tax has officially qualified for the November ballot. In a letter to Governor Gavin Newsom, the Billionaire Tax Now Coalition signaled its willingness to negotiate.

The coalition said it is prepared to support a reduced 2% wealth tax rather than the originally proposed 5% rate. The group framed the offer as an effort to work together to address funding challenges facing California’s healthcare system following federal tax cuts.

“For the good of the state, we are prepared to join you in advancing a 2-year solution in the face of this crisis rather than a 5-year solution. We hope you will join us in doing what’s right for everyone,” the coalition wrote.

The momentum follows a stark milestone. Elon Musk became the world’s first trillionaire on June 12 after SpaceX’s record $75 billion initial public offering (IPO).

Forbes data places the gap between the average billionaire and the average American at 1,475,186%. That divide has revived calls from lawmakers, including Sanders, Senator Elizabeth Warren, and Representative Pramila Jayapal.

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The post Senator Bernie Sanders Wants to Tax AI Giants Into a $7 Trillion Public Fund appeared first on BeInCrypto.

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