Mark Cuban Says 'Tax The Robots' Amid Fears Of AI Taking Over People's Jobs

“Shark Tank” investor Mark Cuban has called for taxing robots, citing Marc Andreessen, a prominent venture capitalist.

What Happened: Cuban responded to a post by Andreessen via X, formerly Twitter, where the latter suggested that the increasing use of robots in the workforce could lead to significant job losses and proposed a tax on robots as a potential solution.

“Tax the robots,” Cuban wrote while reposting Andreessen’s comment.

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Why It Matters: Cuban’s call for taxing robots comes amid growing concerns about the impact of artificial intelligence (AI) on jobs. He has previously raised concerns that automation will cause unemployment and the world needs to prepare for it. He highlighted the need to figure out new roles for people who lose their jobs to AI and automation.

Not just Cuban, but former CEO of Microsoft, Bill Gates, has also called for a robot tax to offset the loss of jobs due to AI and automation.

A recent IMF analysis revealed that AI could potentially impact nearly 40% of global jobs, posing a greater risk to advanced economies. Advanced economies, according to the IMF, are more vulnerable to job displacement by AI than emerging markets and low-income countries. This could potentially widen the gap in overall inequality, leading to increased social tension, as IMF Managing Director Kristalina Georgieva pointed out.

However, a study by researchers at MIT suggests that the rate of transformation will be slower than expected. It is still not economically feasible for companies to replace employees with an AI system, according to the study.

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Photo: Courtesy of Gage Skidmore on flickr