Is sharing a portion of wealth possible? OpenAI, an Artificial Intelligence research company, will make it happen for every American adult, according to the nonprofit co-founder Sam Altman.
On Mar. 16, the 35-year-old entrepreneur said that his job at OpenAI could cast a big economic aspect that is yet to come. This software may seem unimaginable, but could it possibly happen?
Sam Altman and OpenAI Could Generate Phenomenal Wealth in the US
"The technological progress we make in the next 100 years will be far larger than all we've made since we first controlled fire and invented the wheel," Altman said in a report by CNBC.
To meet this desire, Altman said that the government should have a clear response to this system. He continued that the policy should cope with what the people experience in their everyday lives.
Moreover, Altman reminded us that the productivity gains created by AI could impact divisibility and society's participation. This will likely occur when the government wants the collection and redistribution of the wealth created by the AI.
Like any other software, Altman's AI can peruse legal documents, as well as its capability to hand medical advice in the future. The computers will be assigned to do the "assembly-line work."
Altman said that the idea might appear as a utopian concept. This technology could somehow do what most people think will not happen. If AI starts to generate phenomenal wealth, it will impact the labor price during the development acceleration.
For the next several years, the wealth in the form of taxes could be used by the people instead of being absorbed by companies and other firms. This also means that the government will tax the capital and will not be relying on labor.
How the OpenAI System Works
The American Equity Fund, which was crafted by Altman, aims to tax 2.5% of the companies' market value, and another 2.5% will come in the form of dollars from the value of lands.
It is said that private companies that are earning over $1 billion in revenue per year will also get taxed, and later they will pay them in cash.
If you are above 18 years of age, you are eligible to receive payment in two forms: company shares and dollars. Through this proposal, everyone is entitled to such perks in the whole country.
Altman clarified that you could have an Amazon share if you want, and this is how the individual assets become an important part of this system. People have full control of all the stakes in the United States.
Tesla CEO Elon Musk would have worked a similar system after saying that the country has an opportunity to depend on universal basic income. In 2016, Musk had no idea what everyone could do for the proposal, the same source reported.
However, Musk chose to depart from the OpenAI board, so he could focus on his self-driving company to venture into another opportunity in the future.
Meanwhile, Altman collaborated with another popular investor Michael Klein to raise $1 billion in an initial public offering for the new blank-check company, The Business Journals reported.
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Written by Joen Coronel