Presidential Official Proposes 'Public Dividends' From AI-Driven Boom
Kim Yong-beom said AI windfalls should be structurally returned to all citizens as profits and tax revenue from the boom concentrate in a few firms.
- On Monday, presidential policy chief Kim Yong-beom proposed a "national dividend" policy to redistribute excess tax revenue from South Korea's artificial intelligence boom to all citizens.
- Kim argued South Korea is transitioning from a cyclical export economy toward a "technology monopoly economy," driven by its status as a top producer of high-demand memory semiconductors.
- Samsung Electronics and SK Hynix labour unions are demanding 15% of operating profits, as shares of both companies have surged more than 200 percent over the past six months.
- Stocks reacted sharply Tuesday, with the benchmark Kospi sinking 5.1% before paring losses after Kim clarified he intended to tap excess tax revenue rather than impose a new windfall levy.
- Kim suggested funds could support youth startups, rural basic income, and pensions, aligning with the Lee Jae Myung administration's "basic society" vision of managing structural inequality.
35 Articles
35 Articles
In South Korea, the stock market's benchmark index plummeted following a Facebook post by the President's Chief of Staff. He had proposed considering a way to return profits from the AI sector to the population. In no time, $250 billion in market value evaporated, the equivalent of twice the value of AB Inbev.
SK official proposes AI dividend for citizens, spooking investors
A top South Korean official proposed that citizens should share in the profits of the country’s AI chip boom. Samsung and SK Hynix have seen huge profits and soaring share prices as demand for semiconductors surges. Kim Yong-beom’s suggestion that some of that windfall should be redistributed to support basic income programs for rural communities and startup funding for young people, spooked investors, but AI leaders themselves have suggested si…
Kim Yong-beom, Counselor of President Lee for Economic Policy, proposed to transform the fiscal surplus derived from the exceptional profits of Samsung eSK hisnix driven by global demand for chips into a welfare tool. Proposal inspired by Norway's sovereign fund for oil revenues. "Otherwise they will accentuate inequalities." South Korean authorities after negative reaction of the stock exchanges: "Personal opinions."
'Could Resonate Globally': Korea Sparks Market Chaos With 'AI Tax' Threat
'Could Resonate Globally': Korea Sparks Market Chaos With 'AI Tax' Threat Korean markets were under pressure overnight after politicians floated the idea of tapping AI profits. Bloomberg reports that a top South Korean policymaker said the nation should pay citizens a 'dividend' using taxes on AI profits, with the obvious read through to Samsung and SK Hynix. The comments in a Facebook post by presidential policy chief Kim Yong-beom fueled sha…
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