On Wednesday, Gov. Tim Walz (D-Minn.) is pushing a new tax on social media companies as part of a broader effort to address job disruptions caused by artificial intelligence.
Walz Targets Big Tech Over AI Job Disruption
Walz said that technology companies are driving economic shifts that are disproportionately affecting workers.
“Tech companies are causing disruptions to jobs and our economy, and middle class families are bearing the consequences,” he wrote on X.
To address this, Walz is proposing a tax on social media platforms with more than 100,000 monthly users, arguing that companies benefiting from AI should help fund solutions for displaced workers.
Social Media Tax To Fund Workforce Development
According to a statement from the governor’s office, the proposed tax revenue would be directed toward workforce training, economic development initiatives and programs aimed at helping businesses adapt to AI.
“Artificial intelligence is rapidly transforming industries, business practices, and jobs,” the statement said, highlighting the need to prepare workers for a changing economy while maintaining competitiveness.
AI Council To Guide Future Investments
Walz is also proposing the creation of a Governor’s Council on the Future AI Economy, which would advise on how to allocate funds and ensure long-term economic resilience.
Social media companies Meta Platforms, Inc. (NASDAQ:META), Elon Musk’s X, YouTube, a subsidiary of Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and TikTok did not immediately respond to Benzinga’s request for comments.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: lev radin on Shutterstock.com
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