Artificial intelligence can exacerbate income concentration and inequality. It has the potential to deeply transform the global economy. However, its introduction must be carefully managed to avoid increasing inequality. Governments can design redistributive taxes to strengthen the tax base, protect workers, and ensure a fair distribution of the benefits of artificial intelligence, as recently emphasized by the International Monetary Fund (IMF).
Through multinational cooperation and coordinated policies, it is possible to realign fiscal policy in the age of AI and build a fairer future for all.
Yet, the widespread adoption of this technology brings significant challenges regarding economic inequality. Artificial intelligence, particularly generative intelligence, can intensify wealth concentration and income inequality. In response to this scenario, the design of redistributive taxes is presented as a solution to mitigate these impacts and ensure a more equitable distribution of AI benefits.
A challenge highlighted in a recent International Monetary Fund (IMF) report is the corporate tax structure in emerging markets. Many of these countries have corporate tax systems that counteract automation, hindering crucial investments that would enable them to fully integrate into the global AI economy.
A renewed focus on tax structure is essential for these countries to harness the benefits of artificial intelligence without exacerbating existing inequalities.
Capital Taxes Strengthening
Since the 1980s, there has been a trend in advanced economies where the tax burden on capital income has decreased while the burden on labor income has increased. To counteract this phenomenon, it is necessary to increase taxes on capital income to protect the tax base from the declining share of labor income in total income and to address growing wealth inequality.
The IMF views measures such as the global minimum tax, agreed upon by more than 140 countries, which sets an effective minimum tax rate of 15% for multinational companies, as steps in the right direction. Additionally, implementing an excess profits tax and strengthening capital gains taxes are practical strategies for achieving tax justice.
To maximize the benefits of AI and distribute them fairly, governments must increase their investments in education and social spending. These additional resources will enable better workforce education and the implementation of more comprehensive social welfare programs.
Moreover, this approach is crucial in economies with a significant informal sector and limited formal social protection. Digital technologies can play a key role in expanding the scope of social welfare programs, thereby promoting greater inclusion and equity.
Alternatives to AI Taxation
While some advocate for introducing a tax specifically targeting AI or robots to mitigate labor market disruptions, this approach is not considered optimal. A dedicated tax on AI could potentially stifle investments and innovations, as well as impede increases in productivity.
Moreover, its implementation would be complex and could lead to negative consequences if not properly guided.
Instead, a more effective strategy involves redesigning corporate tax systems to avoid incentives that encourage rapid replacement of workers through automation. This approach aims to balance technological advancements with fair labor practices and sustainable economic growth.
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