Bill Gates expects that in the future, robots will pay taxes – evidence suggests that this might be worth up to £290 billion in the UK.
BILL GATES predicted the future of jobs and the inevitable automation of services, including the possibility of taxing robots.
The multi-billionaire projected that most employment might be performed by robots in a 2017 interview with Quartz. With this in mind, the donor proposed enacting a “robot tax,” the proceeds of which could be used to fund schools, nursing homes, and other government-run facilities.
“There will be taxes related to automation,” he said in the future.
“Right now, the human worker who produces $50,000 worth of work in a factory gets taxed, and you get income tax, social security tax, and all those things,” Mr Gates continued.
“You’d assume that if a robot came in to do the same job, we’d tax it at the same rate.”
As strange as the concept may appear – possibly bordering on science fiction – it may be able to assist low-income people.
According to a survey by the Progressive Policy Think Tank (IPPR), roughly 44% of UK jobs, worth £290 billion, might be automated.
Proponents of the hypothesis argue that, in the long run, robots will generate so much taxable profit that humans will no longer need to work.
However, skeptics have warned that a robot tax would simply slow the shift to automation because so many robots are displacing human employment (about 13.7 million, according to IPPR).
Mr. Gates cautioned that the displacement that automation will cause must be managed.
“You should be willing to raise the tax rate and even slow down the speed [of automation],“ Mr Gates added.
“All of a sudden, you cross the barrier of employment substitution for some activities.”
Experts have also cautioned that automation could lead to income disparity, but policymakers have done nothing to address the issue through tax policy.
Professor Ryan Abbott, a law professor at the University of Surrey, argues in a 2018 scholarly study that “the tax system incentivizes automation even when it is not otherwise efficient.”
“The bigger ethical question is how equitable we want our society to be.
“Income inequality is already a major issue, and automation is just going to exacerbate it until we have a more fair tax structure.
“This is because, at the same time, automation is projected to diminish government tax revenue.”Brinkwire Summary News”.