Sanders Drafts Bill for 50% AI Tax Paid in Stock to Sovereign Wealth Fund

Sen. Bernie Sanders is drafting legislation that would impose a one-time 50% tax on large artificial intelligence companies, payable in stock that would be held in a sovereign wealth fund. President Donald Trump has signaled interest in the federal government acquiring equity stakes in AI companies, following earlier moves to take ownership positions in other security-related firms.

NOTUS first reported that Trump administration officials have already discussed the possibility of the government acquiring shares in AI companies with the firms themselves. The proposal has drawn support from Sen. Brian Schatz, who backs the concept of public ownership stakes in AI companies.

Other senators have expressed reservations. Sen. Mike Rounds said taking a stake in one company risks missing out on a more successful competitor. “What I don’t want to do is get stuck with one company or two companies that we’ve got a vested interest in, and then find out that there’s a better company out there that would have a better product, but we’re tied in equity-wise with one company.

So I don’t necessarily care for the idea,” Rounds stated. Sen. Josh Hawley said he does not support “big government owning Big Tech,” but indicated openness to a sovereign wealth fund. “I’m not a huge fan of government ownership where you have big government owning Big Tech.

To me, those are the two worst actors in America, or pretty close, I don’t really want to put them together. What I’d love to do is break up those big companies, introduce more competition, and give everyday working people more control of their data, their own lives. Now, a sovereign wealth fund, on the other hand, that’s a different idea.

That I’m a little bit warmer to,” Hawley stated. Sen. Angus King argued that government ownership would create a “built-in conflict of interest” when regulators consider new rules. “I don’t think that’s the place of the US government to be involved in private companies.