Billionaire Bill Gates and left-wing political wunderkind Alexandria Ocasio-Cortez might disagree on how much taxes the rich should pay, but they are on the same page when it comes to robots. Tax them, too.
Billionaire Bill Gates and left-wing political wunderkind Alexandria Ocasio-Cortez might disagree on how much taxes the rich should pay, but they are on the same page when it comes to robots.Ocasio-Cortez mentioned applying a tax rate of 90% on robots or the companies that use them at weekend festival in Austin, Texas. The first-term New York congresswoman suggested the idea had originally come from Bill Gates, the uber-rich co-founder of Microsoft MSFT, +2.19% .
“Right now, the human worker who does, say, $50,000 worth of work in a factory, that income is taxed and you get income tax, social security tax, all those things,” he said. “If a robot comes in to do the same thing, you’d think that we’d tax the robot at a similar level.” Critics of a robotics tax point out that the side-effects of technological change on labor markets have been overstated, often wildly so, since the early 1800s.
The bigger problem, she argued, is that businesses don’t pay workers the amount of money equal to how much profit they generate by their labor.
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