Will AI Mean Higher Taxes?
The rapid advance of artificial intelligence is poised to reshape global labor markets, with estimates suggesting that it will eliminate hundreds of millions of jobs worldwide. To mitigate the effects of job displacement and prevent social unrest, governments may be forced to increase taxes on wealth and corporate profits.
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LONDON – There is little doubt that the United States remains at the forefront of technological innovation. The continued dominance of the “Magnificent Seven” – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – has solidified America’s leadership in the tech sector, with other economies struggling to keep pace.