Bernie Sanders unveils $7 trillion plan to give Americans control of AI industry

Key Points:

• Senator Bernie Sanders has proposed legislation to impose a one-time 50% tax on the stock of the largest AI companies with $200 million or more in annual AI sales, creating a sovereign wealth fund potentially worth $7 trillion to benefit Americans through direct payments and public programs.
• The fund would generate hundreds of billions annually, with Americans receiving estimated dividends of over $1,000 each year, and would be overseen by a bipartisan Independent Commission for Democratic AI, which would have voting power to influence corporate decisions.
• Sanders' plan goes beyond existing proposals by demanding significant public ownership and control over AI firms, including a requirement to separate AI and non-AI business operations, a move likely opposed by major AI companies and figures such as Elon Musk.
• AI industry leaders like OpenAI’s Sam Altman have expressed support for some public benefits but remain far from agreeing with Sanders’ scale of public stake, while critics like former Trump AI advisor David Sacks have condemned the legislation as confiscatory.
• Given the Republican-controlled Congress and lack of support from influential figures like Donald Trump, Sanders’ legislation faces significant political hurdles, but he views it as an important step toward ensuring AI benefits the public rather than just wealthy corporations.