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The hype surrounding generative AI has generated astronomical amounts of value, with tech companies raising tens of billions of dollars and many — including OpenAI and Anthropic — preparing to go public this year at sky-high valuations, in moves that will produce incredible wealth for their stockholders.
Whether the average Joe will ever directly benefit from all of this is looking dubious at best. That’s despite many of these tools relying on AI models that were trained on the creative output of millions of people, copyright be damned, the vast majority of whom have yet to see a single cent. Quite the contrary — many workers are facing a disastrous job market as a result of corporations stretching themselves thin through massive investments in AI.
Meanwhile, concerns continue to grow that the billionaire class is unethically enriching itself through the scheme, while shutting out the democratic process.
To independent senator Bernie Sanders (D-VT), that kind of injustice needs to end. In an essay published by the New York Times, Sanders argued for the creation of an “AI Sovereign Wealth Fund” that would be created through a “one-time 50 percent tax” on the stock of AI companies, including OpenAI, Anthropic, and xAI, to “give the public a direct ownership stake.”
In other words, Sanders is proposing to transfer half of the AI companies’ stock into a public fund — a one-time transfer as opposed to a tax on profits — which the government will manage. Generated revenues could be distributed as “direct payments to the American people.”
While many important details have yet to be ironed out, as Sanders admits, it would represent a massive shift and equity transfer — if his act were to pass, that is.
“The question, then, is not whether AI will change the world,” he wrote. “It will. The question is: Who will own and control that future? Who will benefit from it, and who will be hurt by it?”
Sanders argues such a fund would “give the public a direct role in determining the future of this technology,” while also guaranteeing that the “trillions of dollars potentially generated by AI are used to improve the lives of all of us — not simply to make the richest people in the world even richer.”
While chances of the senator’s idea surviving the Congressional approval process are likely slim — the AI industry holds immense influence over Congress — it’s a creative approach to an increasingly sticky problem. Even tech leaders, who have watched as the backlash to AI continues to grow, have turned their attention to possible solutions to address even greater wealth disparity caused by the emergence of AI.
Jeff Bezos recently argued that the bottom 50 percent of earners shouldn’t pay any taxes, while OpenAI CEO Sam Altman came up with a new concept called “universal basic compute,” which would provide free access to those who can’t afford costly AI tools. Meanwhile, SpaceX founder Elon Musk has called for a new take on universal basic income, uninspiringly dubbed “universal high income.”
Sanders’ sovereign wealth fund takes the idea a step further, giving Americans who don’t happen to be tech billionaires an opportunity to get in on the ground floor. The concept has already been “put into practice right here at home,” Sanders wrote, pointing to an Alaskan sovereign wealth fund that’s allowed residents to receive annual dividends through oil revenues.
“To start, the billions, if not trillions, of dollars generated by this fund would provide direct payments to the American people,” he wrote. “And as the fund generates more and more wealth, the proceeds would be used to ensure that every man, woman and child in our country has a decent and dignified standard of living, including health care, education and housing.”
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