Bernie Sanders Proposes 50% One-Time Tax on AI Firms to Seed $7 Trillion Fund

Senator Bernie Sanders introduced the American AI Sovereign Wealth Fund Act, proposing a one-time 50% tax on the stock of qualifying AI companies to seed a public fund he estimates at close to $7 trillion. According to BeInCrypto, the tax would apply to AI firms generating at least $200 million in annual AI sales, with shares routed into a sovereign wealth fund managed by a seven-person independent commission confirmed by the Senate. The proposal comes as the California Billionaire Tax Act qualified for the November ballot; the Billionaire Tax Now Coalition told Gov. Gavin Newsom it could back a reduced 2% wealth tax instead of 5%.