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"The pitchforks are here": Billionaires work to contain AI's populist revolt
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"The pitchforks are here": Billionaires work to contain AI's populist revolt

AxiosΒ·Zachary BasuΒ·3 days ago
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America's billionaires are developing their own prescriptions for AI-fueled inequality, anxious to defuse a populist revolt aimed at their ballooning fortunes. Why it matters: The AI boom has dramatically raised the stakes of the wealth-tax debate, unleashing a technology that could wipe out millions of jobs while minting the world's first trillionaires. Populist politicians, particularly on the left, have cast this as capitalism's next great reckoning : an even deeper concentration of wealth and power in an economy already rigged for the elite. Zoom in: Some of the richest men in tech have warned for years AI could destabilize the economy. Many suggest the answer is not deceleration or wealth taxes, but shared abundance. Jeff Bezos, the world's fourth-richest man, said on CNBC last week that the bottom 50% of earners should pay zero federal income tax. "You could double the taxes I pay and it's not going to help that teacher in Queens," the Amazon founder argued.…

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