In a striking proposal that has the potential to shake up the American tax system, billionaire investor Venode Cosola has made headlines by suggesting that as many as 125 million people should be exempt from paying income taxes. His argument is rooted in the rapid expansion of artificial intelligence, which he believes will soon be responsible for the elimination of numerous jobs. Rather than throw everyone into a panic, Cosola, with his keen economic instincts, has suggested a solution: relying on capital gains tax to compensate for the expected drop in income tax revenue.
In a recent post on social media platform X, Cosola called for a “rethink of capitalism and equity” in light of these changing dynamics. He envisions a future where nearly 80% of taxpayers could be removed from the income tax rolls. With only about 160 million taxpaying Americans at present, that means a significant portion of the population could soon find themselves with a little more extra cash in their pockets—thanks to the advent of AI. His plan also includes some eyebrow-raising ideas for making up for lost revenue, such as curtailing certain tax breaks that allow tax-free borrowing against unrealized gains. Sounds fun, right?
As one gazes into the crystal ball of the job market, predictions are not all rosy. Cosola isn’t alone in his concerns—numerous economic experts have been sounding alarms about the potential for mass job displacement due to automation. According to a recent report from the World Economic Forum, it’s estimated that 92 million jobs could be wiped away by 2030 thanks to AI. In a climate where even career services firms have reported thousands of job cuts in the past few years, concerns are rising about how this technology will impact working-class Americans.
AI’s encroachment into the job market prompts many to wonder who will be left standing when the dust settles. Notably, many projections indicate that women and people of color may face even tougher challenges, with job losses disproportionately affecting these groups. With tech titans like Elon Musk and Bill Gates voicing their belief that AI could redefine or even eliminate traditional jobs, it’s clear that the future of work will be anything but ordinary.
In a bid to soften the blow for those who find themselves unemployed due to AI, Cosola has also floated the idea of implementing a universal basic income, especially for lower-income Americans. This would provide a safety net for individuals whose livelihoods are disrupted by the relentless march of technology. While the thought of a world where robots do all the work is tantalizing, concerns linger about what it means for the average worker trying to make ends meet.
In summary, as society stands at the threshold of an AI-driven future, Cosola’s proposal raises important questions about fairness, taxation, and the responsibilities of a rapidly changing economy. Whether Americans are ready for a dramatic shift in tax policy remains to be seen. But one thing is for sure: with jobs in jeopardy, discussions about taxes may soon become more relevant than ever—and when it comes to money matters, it’s always best to keep an eye out for the unexpected!
