Why taxing the robots is a good idea, according to Bill Gates

Why taxing the robots is a good idea, according to Bill Gates

Job automation has already replaced human labor and Bill Gates suggests companies that are currently using robots for handling their manufacturing process, must be taxed. This will prevent the massive proliferation of robots as well as provide incentives for sustaining other employment sectors run by humans.

Legislative steps considered so far…

According to the world’s richest individual and co-founder of Microsoft in an interview with Quartz, Bill Gates stated that by taxing robots it allows for funding jobs, like nurturing the elderly and school children. These are a few crucial tasks that require extensive human involvement.

The idea proposed by Bill Gates is not entirely impractical; hence, the lawyers of the EU had already passed this proposal, which was eventually denied on 16th Feb.

“You ought to be willing to raise the tax level and even slow down the speed” 

This abrupt and massive replacement of workers holds the possibility to cause unemployment at drastic rates, which must be controlled. Bill Gates continued,

“You cross the threshold of job replacement of certain activities all sort of at once.”

At the moment, when a human worker can perform tasks generating an output worth of $50,000, the income is taxed. When a robot manages to work as much as a human, they are entitled to the same taxation rate too.



Scopes for more income…

Automation will eventually lead to further scopes for more income due to greater efficiency, which could be funded. Moreover, robots will save factory owners millions of dollars from paying wages to human workers.

Right now, there are more than 30 million taxpayers in the UK, making almost £1,102 billion per year. Approximately, 35% of all the existing jobs hold the possibility to turn fully automatic in the next few years, as per the research by Oxford University.

Stay with TTN for further news on automation and robots.

Via TheTechNews.com

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