Bill Gates recently slammed Representative Alexandria Ocasio-Cortez and other leftists who want to introduce 70 percent marginal tax rates, calling it a misfocus. He also dismissed modern monetary theory (MMT) as “crazy talk” (SEE: Bill Gates gets it right and wrong on taxes).
But it seems Gates may have found an ally for his robot tax: AOC.
In the last couple of years, Gates has proposed taxing robots at the same level as human workers: income tax, Social Security, and other payroll taxes.
It’s a ridiculous proposal because a machine is just capital to enhance marginal productivity.
That said, Gates may work with AOC as she endorses 90 percent tax on robots or companies that use robots, though her message was mixed.
“We should not feel nervous about the toll booth collector not having to collect tolls anymore. We should be excited by that. We should be working the least amount we’ve ever worked, if we were actually paid based on how much wealth we were producing. But we’re not. We’re paid on how little we’re desperate enough to accept. And then the rest is skimmed off and given to a billionaire.”
Bad economics on all sides.
Tyranny didn’t work out too well for the USSR, Nazi Germany, and Cambodia so why are Americans embracing it?