As per The Telegraph:
"Artificial intelligence will make income tax redundant within five years, according to the founder of digital bank Monzo.
Former chief executive Tom Blomfield warned that advances in AI could trigger a major jobs crisis, with automation increasingly replacing roles across a wide range of industries.
Speaking on an episode of The Rest is Money podcast, he said that as traditional employment declines, the current system of income tax – largely dependent on wages – would no longer be sustainable.
He suggested it could instead be replaced by a tax on the resources used to build and run AI.
He said: “I don’t think we’ll tax human labour, we’ll tax compute, [meaning systems like] data centres, and then we will use the proceeds to pay for government.”
Personally speaking I would be delighted to see an end to income tax. However, we all know that will never happen. Instead, governments will simply use ai to find more ways of taxing us; eg on the megabytes we use!
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Nobody knows for sure what the impact of AI on society will be but it is reasonable to guess that it will be one of those seismic shifts in human history. Like the invention of farming and the wheel, the end of feudalism, the Industrial Revolution, etc.
ReplyDeleteThere is no way of knowing what Britain will look like on the other side but we do know that AI is heavy owned, controlled and financed by tech billionaires. And we know that those dudes aren't going to fund happily health, care and welfare for the great unwashed. What then happens to those unemployed from birth to death? Why educate them....for what? Democracy is doomed.....why give a vote to those with no contribution to make? How do you control the masses......drugs, gladiatorial combat on TV, euthanasia?
The point is that HMRC and income (or any other) tax will be the least of our problems.
I'm going to open another bottle of Chardonnay.
Did feudalism ever end? Seems to have continued in many parts of the world, including the UK.
DeleteWe have a government with no plan, and opposition parties (including the one led by the clueless c*nt Farage) who are unfit to ever government our once great country. Very concerning times. But at least HMRC will become increasingly redundant.
Feudalism was the granting of land in exchange for military service, loyalty and labour. It ended in England in the 15th century.
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