An anonymous reader quotes a report from the Associated Press: As artificial intelligence companies reshape the economy and race toward trillion-dollar valuations, Sen. Bernie Sanders is proposing a sweeping transfer of wealth and power from the industry to the American public. The legislation, shown first to The Associated Press, would create a sovereign wealth fund overseen by an independent commission and financed through a one-time 50% tax on the stock of the largest AI companies. Sanders estimates that the tax would create a nearly $7 trillion fund that would generate hundreds of billions of dollars annually in direct payments to Americans and programs such as health care, education and housing. [...] The 50% tax would apply to AI companies that reach $200 million in annual AI sales. Any new AI company that reaches that benchmark would also be subject to the tax. It would create a sovereign wealth fund -- similar to those used by countries around the world and some U.S. states -- that Sanders estimates would be worth around $7 trillion. Unlike a traditional tax, the proposal would require companies to transfer stock rather than cash, effectively making the American public a major shareholder in the country's largest AI firms. A seven-person independent commission -- nominated by the president and confirmed by the Senate -- would manage the fund and use its voting shares "to block decisions that hurt the American people and to push for policies that help them," the bill summary says. Sanders proposes that a 5% annual dividend from the fund would provide direct payments of more than $1,000 to every American. If companies grow, the gains would be used for public goods such as education, housing and health care. Sanders argues taxpayers would not bear the losses if AI company valuations decline. "We're not going to lose any money, even if there is a bust in the bubble," Sanders said. The commission would be directed to "to block decisions that hurt the American people and to push for policies that help them," according to the summary. "The benefits cannot simply go to the handful of wealthy corporations. They will be shared by the American people," the independent Vermont senator said in an interview Wednesday. "The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people, and that in fact, AI benefits ordinary people, not hurts them," Sanders said.Read more of this story at Slashdot.