U.S. Senator Sanders: Impose a one-time 50% equity tax on major American AI companies to establish a sovereign wealth fund

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U.S. Democratic Senator Bernie Sanders has proposed legislation to levy a one-time 50% equity tax on the largest AI companies in the country in order to establish a sovereign wealth fund, giving the federal government voting rights in the governance of AI companies and distributing the benefits of AI industry development to all U.S. citizens.

According to Bloomberg, this bill called the "American AI Sovereign Wealth Fund Act" will be officially introduced on Thursday. Under the bill, the federal government would gain equal board representation in each company through voting shares, and have the right to block decisions that harm public interests.

Sanders stated that there has not yet been communication with the administration on the bill, but he believes the bill has bipartisan support among members of Congress.

This proposal poses a potentially significant financial impact on leading companies in the AI industry. If legislated, related firms will face large-scale equity dilution pressure. Sanders also pointed out that AI companies possess significant political influence, which is the core reason Congress has struggled to advance effective regulatory legislation to date.

The bill comes amid extensive debate in Congress regarding AI regulation, but faces considerable uncertainty before becoming law.

Core Mechanisms: Equity Tax and Board Representation

The bill applies to AI companies with annual revenue of at least $200 million. By imposing a one-time 50% tax on their stock, the funds raised will be injected into the above-mentioned sovereign wealth fund. Earlier this month, Sanders stated in the Senate:

"If AI companies continue the rapid growth projected by many analysts, the value of this fund will likewise grow, and the gains for the American people will expand in tandem."

At the governance level, the federal government would, by virtue of its voting stock, gain equal representation on the board of each covered company, with the institutional power to veto decisions detrimental to the public interest. Sanders stated:

"Under this mechanism, the future of AI and the resulting transformation in human life will no longer be dominated by a handful of big tech oligarchs."

Regulatory Logic: Curbing Elite Monopolization of AI

Explaining the legislative rationale, Sanders said this "revolutionary technology cannot be controlled by a handful of the richest people on earth, whose only goal is to make as much money as possible." He argued that the development direction of AI should serve the public interest, not be dictated by a tiny minority.

Criticizing Congress for lack of regulation, Sanders pointed to the political influence of the AI industry: any lawmaker who begins to discuss reasonable regulation will be targeted by the industry with massive campaign ad spending, backed by "unlimited funds."

This bill is a continuation of Sanders’ recent AI regulatory efforts. In March this year, he and Representative Alexandria Ocasio-Cortez (D-NY) jointly introduced a bill aimed at halting the development of new AI infrastructure.

Sanders is currently a senior member of the Senate Committee on Health, Education, Labor, and Pensions, and has been actively involved in oversight of the AI industry.

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