Social protection tax measures have a “major role to play” in counterbalancing the risks posed by AI, and in particular an increase in inequalities, estimated the International Monetary Fund (IMF) on Monday.
Without regulation, generative artificial intelligence, popularized by ChatGPT and other similar tools, could cause job losses among qualified professions, estimates the IMF in a note.
To deal with this, governments should consider putting in place new revenues to finance a social safety net for those who lose their jobs, the authors recommend.
“Tax policy has a major role to play in supporting a more equitable distribution of the gains and opportunities linked to generative artificial intelligence,” notes the note. “But this requires significant changes to tax and social protection systems across the planet,” she adds.
The IMF calls in particular for increasing unemployment insurance benefits and investment in training to prepare workers “for jobs in the AI era”.
The Fund, however, is against a specific tax on AI, proposed by researchers, believing that this would affect productivity growth. Conversely, he suggests attacking tax loopholes that encourage job cuts.
The IMF also supports an increase in taxes on capital income in order to “counterbalance the increase in wealth inequality”.
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