Feb 18, 2017 08:19 AM EST
Bill Gates Says Robots Should Pay Taxes As US Risks Robot Automation Stealing Half Of American Jobs [VIDEO]
Bill Gates says that if robot automation will take over human jobs then they should pay taxes. The American business magnate and Microsoft veteran says that something should make up the difference. While there are advantages to robot automation when it comes to precision and efficiency, there is a risk involved when it comes to the manual labor work force. When more robots are working, that means there are fewer people working. In effect, that means fewer people will be paying taxes.
And Bill Gates points out that this is a problem because taxes fund schools, roads and more in the country and different states. And because of this deficit, he suggests that robots should pay their share in taxes, as reported by Recode.
When it comes to the numbers, an average worker does about $50,000 worth of work in a factory and that is taxed. Bill Gates expresses, during an interview with Quartz, that robots should be taxed at a similar level.
An Oxford University and Oxford Martin School study supports Bill Gates' argument. In the study, about 47 percent of American jobs are at risk of being automated by robots in the next two decades, as reported by Eye Witness News.
For example, a factory that used to need over 600 human workers to produce mobile phones are now being run by 60 robot arms. Only 60 people are working alongside these robotic arms to check and monitor the production lines. The rest are monitoring control systems.
In essence, any work not handled by humans are left to robot automation. According to the study, at the rate robot automation and artificial intelligence is going, machines will soon be able to take over different types of jobs and can do better than humans. While there are reasons for this modernization, the fact remains that there will be lesser employed people and lesser tax funding. Bill Gates still stands on his financial advice.
The Quartz clip below details Bill Gate's thoughts on the issue:
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