Quote:
Originally Posted by BlueFox
So you are saying a few companies with AI and robotics will displace virtually all workers. Okay. Since AI and robotics are a one time fixed cost, then that means they will be incredibly profitable. Good for them. Just tax the Hades out of them to recover the cost of the unemployment they create. It's a win win for everyone. As someone who develops software to test software, I will be very happy to just enjoy my life without the work BS.
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First let me say that none of this will happen overnight... But let's analyze this.
Where does the federal government's revenue come from? Individual taxpayers like you and I provide most of it.
The U.S. government's total revenue is estimated to be $3.654 trillion for*fiscal year*2018.
Income taxes contribute $1.836 trillion,
half of the total. Another third ($1.224 trillion) comes from
your*payroll taxes. This includes $892 billion for*Social Security,*$270 billion for*Medicare and $50 billion for unemployment insurance.*
Corporate taxes*add $355 billion,
only 10 percent. Customs excise taxes and*tariffs*on imports contribute $146 billion, just 4 percent.
Ok, so we know that half the revenue comes from individual income taxes...
Now, let's consider this.
Besides the technological progress and the resulting job displacement and skill and trade loss over time and history, look at what happened to mom and pop stores such as hardware, pharmacy, bakery, grocery, just as an example. These small stores have virtually disappeared after Home Depot, Lowes, CVS, Starbucks, Giant, Acme, Wholefoods and the likes have popping up all over the place displacing them all.
Many malls are either closing or have closed because the online shopping giants like Amazon and the like has virtually killed them. Sears, RadioShack JCPenney, Kmart, Macy's , Payless Shoe just to name a few are all closing many stores and may be completely gone in a few years time. For 2017 alone, there are 3200 stores planning on closing. How many jobs lost is that?
It is hard for me to say what the ratio is of the likes of Amazon, in terms of what it creates in new jobs VS. the stores that it has driven out of business and resulting job loss. I know one thing, Amazon is investing heavy into automation and robotics and I suspect the ratio of jobs displaced to jobs created is not anywhere near equilibrium, I would bet it is far, far less in job creation vs disruption and displacement. The mega corporations also tend to pay much less tax than one would think. Amazon paid 13% effective tax rate in 2016.
Now throw in the AI, robotics, automation, 3D printing on top of that which would create a few highly technological and skilled jobs but displace much more of unskilled workers... where will the government get the money so you and I can enjoy our lives without the work BS as you put it if we are unemployed ??? By taxing the mega corporations at the paltry tax rate they pay? You think they will cover all the expenses?