The End of Income Tax?

 

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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