As we all are aware of the fact that in near future human jobs will be overtaken by Robots. Hence none or fewer people will be working, which means there will be less tax revenue. As taxes are the backbone of the country and less tax revenue will be a great problem.
Just because a worker isn’t technically “alive” doesn’t mean it can make money for nothing, according to Bill Gates.
Bill gates is having the solution to this problem. In his interview with Quartz editor-in-chief Kevin Delaney, Bill Gates said:
“Right now, the human worker who does, say, $50,000 worth of work in a factory, that income is taxed and you get income tax, Social Security tax, all those things.If a robot comes in to do the same thing, you’d think that we’d tax the robot at a similar level.”
According to the Oxford report of 2013, robots could displace up to 50% of jobs between 2023 to 2033. While according to McKinsey report in 2015, concluded that today’s technology could replace 45% of jobs right now.
When that happens Gates doesn’t believe that the manufacturers of those robots should be able to reap the profits generated by the automated labor without paying some sort of tax. The system would be similar to how the government takes a portion of people’s wages to support social programs, such as healthcare, infrastructure, and law enforcement.
Gates said :
“But you can’t just give up that income tax, because that’s part of how you’ve been funding that level of human workers”
“People should be figuring it out.It is really bad if people overall have more fear about what innovation is going to do than they have enthusiasm. That means they won’t shape it for the positive things it can do.”