Bernie Sanders has unveiled legislation to create a sovereign wealth fund financed by a one-time 50 percent tax on the stock of the largest AI companies, a plan he shared with AP News. The fund, estimated at $7 trillion, would generate hundreds of billions of dollars annually in direct payments to Americans and support programs including health care, education, and housing. Sanders stated the proposal aims to ensure AI benefits are shared by the American people rather than concentrated in wealthy corporations, with each American potentially receiving over $1,000 annually in dividends. The plan contrasts with less aggressive proposals from AI industry leaders like OpenAI's Sam Altman, who Sanders met with but remained "far apart" on the public's stake in AI companies.
Sanders Proposes $7 Trillion Fund Financed by 50% AI Company Tax
According to the summary Sanders shared with AP News, the legislation would impose a one-time 50 percent tax on the stock of AI companies with $200 million or more in annual AI sales. Any new firm reaching that revenue level would also be subject to the tax. Sanders estimated the fund could be worth $7 trillion total, generating hundreds of billions of dollars annually. Each American would likely receive more than $1,000 annually in 5 percent annual dividends, Sanders estimated. "The benefits cannot simply go to the handful of wealthy corporations," Sanders said. "They will be shared by the American people."
Independent Commission Would Oversee Fund Using Voting Shares
Beyond direct payments and support for US programs, the legislation would ensure Americans have "direct influence over corporate decision-making," Sanders said. Seven members of a newly created, bipartisan Independent Commission for Democratic AI—nominated by the president and confirmed by the Senate—would oversee the fund, The Hill reported. Using voting shares, the commission could block any decisions companies may move to make that could harm the public. "The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people, and that in fact, AI benefits ordinary people, not hurts them," Sanders told AP News.
AI Industry Leaders Remain Far Apart from Sanders on Public Stake
Although some CEOs like OpenAI's Sam Altman and Anthropic's Dario Amodei have shown support for some public benefits from AI, their ideas are not as bold as Sanders'. In a meeting with Sanders, Altman remained "far apart" from the senator on how much stake in OpenAI the American public should get, sources in the room told AP News. Sanders confirmed he intends to campaign on creating the fund, and during the meeting, he cast AI firms that expect to transfer significantly less than 50 percent as greedy.
FAQ
What did Bernie Sanders propose for AI companies?
Bernie Sanders unveiled legislation to create a sovereign wealth fund financed by a one-time 50 percent tax on the stock of AI companies with $200 million or more in annual AI sales. The fund, estimated at $7 trillion, would generate hundreds of billions of dollars annually in direct payments to Americans and support programs including health care, education, and housing.
How would Americans benefit from Sanders' AI wealth fund?
Each American would likely receive more than $1,000 annually in 5 percent annual dividends, Sanders estimated. Beyond direct payments, the fund would support critical US programs such as health care, education, and housing. A bipartisan Independent Commission for Democratic AI would oversee the fund using voting shares to block corporate decisions that could harm the public.
What was Sam Altman's response to Sanders' proposal?
In a meeting with Sanders, OpenAI's Sam Altman remained "far apart" from the senator on how much stake in OpenAI the American public should get, sources in the room told AP News. Sanders cast AI firms that expect to transfer significantly less than 50 percent as greedy during the meeting.
