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Modern-Day Luddites Want to Tax Robots

“If a human worker does $50,000 of work in a factory, that income is taxed. If a robot comes in to do the same thing, you’d think we’d tax the robot at a similar level.”

— Bill Gates

South Korea is very different from its hostile northern neighbor in two ways. First, it has maintained open and friendly relations with the western world. Second, the country has a reputation for having some of the most advanced technology not related to warfare within its borders.

That second difference recently led to South Korea indirectly imposing a robot tax. I say indirectly because the country hasn’t imposed a tax on robots themselves, but on the acquisition of robotic technology. Simply put, South Korea has reduced the deduction that companies within the country can spend on automation equipment (including robots) from 7% to 2% of their investment.

Now, I’m willing to admit that public opinion about robotics takes one of two stances – either it is the next best thing or it is eventually going to replace all human jobs. Most people, though, are still figuring out their initial stance on robots and not even thinking of government regulation.

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Investment expert Dr. Skousen discusses an interesting point of view offered by Bill Gates -- should the government tax robots like regular human employees?

archive

Modern-Day Luddites Want to Tax Robots

Investment expert Dr. Skousen discusses an interesting point of view offered by Bill Gates — should the government tax robots like regular human employees?

“If a human worker does $50,000 of work in a factory, that income is taxed. If a robot comes in to do the same thing, you’d think we’d tax the robot at a similar level.”

— Bill Gates

South Korea is very different from its hostile northern neighbor in two ways. First, it has maintained open and friendly relations with the western world. Second, the country has a reputation for having some of the most advanced technology not related to warfare within its borders.

That second difference recently led to South Korea indirectly imposing a robot tax. I say indirectly because the country hasn??t imposed a tax on robots themselves, but on the acquisition of robotic technology. Simply put, South Korea has reduced the deduction that companies within the country can spend on automation equipment (including robots) from 7% to 2% of their investment.

Now, I??m willing to admit that public opinion about robotics takes one of two stances ?? either it is the next best thing or it is eventually going to replace all human jobs. Most people, though, are still figuring out their initial stance on robots and not even thinking of government regulation.

Click here to read the rest of the article, “Modern-Day Luddites Want to Tax Robots.

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Written By

Mark Skousen is a college professor, prolific author and world-renowned speaker. He??s made his unique sense of market and investment trends known and respected in the financial world. With a Ph.D. in economics and a focus on the principles of free-market capitalism and ??Austrian? economics, Mark Skousen has often gone contrary to the crowd in his investment choices and economic predictions ?? and has often been proved right.

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