Artificial intelligence is expected to create enormous wealth, but questions are emerging over who will benefit most from this growth. Microsoft co-founder Bill Gates believes governments will need to rethink how they tax the wealthiest people as AI transforms businesses and the job market.
“We can’t expect philanthropy, which is voluntary in nature, to be the safety net. The Microsoft co-founder believes the rapid growth of artificial intelligence could widen the economic divide, particularly if the financial gains from the technology largely benefit people who already own significant wealth. Gates also acknowledged that some wealthy individuals are already thinking about how to use their money for social good. He believes their contributions could complement government support, but should not replace it. Gates has also proposed taxing robots and AI tools, arguing that existing tax rules can make it financially easier for companies to replace human workers with machines. In an essay published on Gates Notes , he pointed out that employers pay payroll taxes when they hire people, while buying a robot can often be treated as a business expense. He believes taxing robots and AI usage could slow the shift away from human labour and generate funds for worker retraining and stronger social support systems.
Gates has pledged to give away virtually all his fortune, estimated at around $100 billion, through the Gates Foundation. The money is expected to be spent over the next 20 years.
In an interview for the Financial Times’ Tech Tonic podcast , titled Bill Gates: AI bioweapons “could be worse than Covid”, Gates argued that philanthropy alone cannot address the growing gap between rich and poor. Gates said the responsibility for tackling inequality should rest primarily with governments, rather than relying on wealthy individuals to donate money voluntarily. “The primary responsibility of dealing with inequality will always rest with governments,” Gates said. However, he believes even large charitable contributions cannot replace the role of public policy. (Also Read: Tim Cook, Singapore president among global personalities extending Diwali wishes ) He said tax systems would need to change in an AI-driven economy, including measures that allow governments to tax people with substantial wealth and billionaires.
However, not everyone in the technology industry agrees with his approach. For Gates, the challenge is not just how much wealth AI creates, but whether its benefits reach beyond the people who own the technology.
Nvidia CEO Jensen Huang has expressed support for people contributing through taxes, but disagrees with Gates’ proposal to tax robots. (Also Read: Know Your Neighbourhood: The story behind the unusual name of Shimla’s Scandal Point ) In an interview with Fox Business , Huang said he saw the impact of AI differently and believed there could be several ways to address the changes it brings.
