What happened
Bridgewater Associates, a hedge fund giant, has proposed aggressive regulatory action on AI giants to protect everyday Americans from the dangers of the technology and ensure they share in its benefits. The firm suggests a 35% tax on AI usage, which could generate $600 billion in revenue by 2030 and be used to acquire shares of AI giants and distribute them to the public.
Bridgewater's chief investment officer, Greg Jensen, and CEO, Nir Bar Dea, have published an essay calling for immediate policy action to mitigate the risks of widespread societal disruption and catastrophic safety accidents caused by AI. They propose creating citizen equity in the AI boom and using the revenue from the token tax to cut taxes on human workers and help those put out of work by AI.
The proposal has caught the attention of lawmakers on Capitol Hill, with some experts praising the idea as a way to give the public a voice in boardroom decisions about public safety. However, others have cautioned that implementation could be tricky, particularly in regards to collecting the token tax.
Bridgewater's push for regulatory action on AI giants has sparked sharp reactions within the tech sector, with some arguing that it could lead to more onerous restrictions on the technology. Nevertheless, the firm believes that ensuring smooth adoption of AI could ultimately benefit its own investments in the sector by limiting long-term public backlash.
