I’m not an economic genius, but this doesn’t seem like a great idea.
At current valuations, the sovereign wealth fund that would be created under this legislation would be worth an estimated $7 trillion.
Are these companies really worth what their valuations claim to be?
The Independent Commission would use voting shares in these companies to block decisions that hurt the American people and to push for policies that help them.
Wait, who’s purchasing the shares in these companies?
ETA: Bernie Sanders has been mislead by an actual AI doom cult leader, so the AI-is-inevitable lobby’s foot is already in the door with him.
Nobody is purchasing the shares here, it’s a tax.
The “tax” is the ownership of those stocks…
This is so bizarre because with other funds, they’re done for proven profitable things. Oil in Alaska. We could have gone after all tech company stock, but Bernie Sanders only went for the unproven, unprofitable thing.
In what way is a tax a purchase? It’s ownership but not purchase.
The government, on threat of imprisonment, says give us your stock. No money changes hands, only the AI companies lose.
Neat. The government gets a 50% stake in only the Grok part of SpaceX, not the profitable parts of it… And then the government has an incentive to help Grok profit.
This is bad because it seems like
- Elon Musk remains untaxed on the profitable parts of his company
- the government is incentivized to build Grok more poison methane turbines to pump its share value
Bernie has good intentions, but he was AI-pilled by Geoffrey Hinton, who ironically also has good intentions. However, they are both out of touch with reality.
Not even Barack Obama supported Bernie Sanders.
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man, bernie needs to hang it up, he’s drinking the kool aid
He wants to take 7 trillion dollars from AI companies. That’s what a sovereign wealth fund is, it’s when you take profits from a source, and store it to use on things like health care, wellfare, pensions, public transport, housing, infrastructure, ect.
Lol, good one, who actually thinks AI companies are profitable?
The page says it’s a one-time tax… so which AI companies have that?
I would like to know how much would actually be in that fun right away rather than what it could maybe be. Valuations are skewed. We know this. Just look at WeWork.
He’s calling to tax 50% of all the company shares in AI, making it a public benefit.
He’s calling for a group under the current US president to have 50% of the stock of the AI companies… And only the AI (read: no-path-to-profit) part of those companies.
Yes, that’s how national organizations work. It’s not like some random VC firm that privately owns the stock. It’d be owned by the nation, and the directors would be required to pay dividends to the public on those profits.
This is basic sovereign wealth fund stuff.
Is it normal to exclude the profitable part of the company?
I am very worried about this because AI lobbyists have done a great job of pushing politicians around. Bernie Sanders himself has accepted Eli Yudkowski, an AI doom cult leader, as a reputable source.
Oh no doubt, the industry is very, very sick. Incestuous even.
In the other hand, there’s very little downside to a 50% tax on all AI companies. It’s not an investment so there’s no chance of losing your nest egg.
A 50% government ownership in only the AI portion of company shares, you mean?
Wouldn’t the Trump administration then have an interest in making the share value go up for those companies?
Yes, and if they do go up, that would actually benefit the citizens, because they are publicly owned. I’m not sure why this is hard to understand? The only difference is that it’s not owned by tech oligarchs.
