Why Adam Schiff wants to tax AI companies

Sen Adam Schiff (D-CA) wants to tax AI companies for their “disruptive” effects on the economy and the workforce, he said, joining the likes of Gov. Gavin Newsom and other Democrats taking on a more populist tone about the booming industry. “I would like to see the Congress identify what disruptive impacts should the AI companies pay for,” Sen Schiff said. He added that taxing income generated by the technology would “make sure that it’s used to address and mitigate the impacts on work,” ensuring people have things like health care and retirement insurance while protecting “society from the transformation we’re going through.” Sen Schiff’s comments come after Gov Newsom has in recent months floated ideas like a national public equity fund to give all Americans a stake in the financial gains created by AI companies, or universal basic capital.