• 3 hours Toyota Tests Solar-Powered Prius
  • 21 hours Why The Gold Rally Flatlined
  • 1 day The Uranium Sector Can’t Catch A Break
  • 2 days Upcoming Fed Meeting Has Investors On Edge
  • 2 days Global Gold Sector Outlines Responsible Mining Principles
  • 3 days China’s Giant Vampire Fund Loses $120B
  • 3 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 3 days Savvy Investors Are Betting Big On This Little Data Company
  • 4 days How The Government Is Wasting Tax Money This Year
  • 4 days Supply Concerns Halt Expansion On Tianqi Lithium Plant
  • 4 days The World’s Biggest IPO Is Almost Here
  • 5 days The Relatively Of Money And Happiness
  • 5 days Wall Street Unfazed By Recession Fears
  • 5 days SoftBank Urges WeWork To Pause IPO Plans
  • 6 days Anti-Aging Market To Hit $55 Billion
  • 6 days JPM, Morgan Stanley Take Advisory Roles In Aramco IPO
  • 6 days Are Bonds In A Bubble?
  • 7 days The Unknown Media Giant Taking The World By Storm
  • 7 days From Millennial To Millionaire With One Simple Trick
  • 8 days The 5 Most Expensive Art Pieces Ever Sold
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Robots to Pay 'Social Security' Under EU Tax Proposal

The EU is studying a proposal that would count robots as people for tax purposes.

Although the proposal is deemed "too early" to implement just yet, rest assured once nannycrats get a bad idea in their heads, it never leaves.

This provides yet another reason to vote in favor of Brexit.

Please consider Europe's Robots to Become 'Electronic Persons' Under Draft Plan.

Europe's growing army of robot workers could be classed as "electronic persons" and their owners liable to paying social security for them if the European Union adopts a draft plan to address the realities of a new industrial revolution.

Robots are being deployed in ever-greater numbers in factories and also taking on tasks such as personal care or surgery, raising fears over unemployment, wealth inequality and alienation.

Their growing intelligence, pervasiveness and autonomy requires rethinking everything from taxation to legal liability, a draft European Parliament motion, dated May 31, suggests.

The draft motion called on the European Commission to consider "that at least the most sophisticated autonomous robots could be established as having the status of electronic persons with specific rights and obligations".

It also suggested the creation of a register for smart autonomous robots, which would link each one to funds established to cover its legal liabilities.

The draft motion, drawn up by the European parliament's committee on legal affairs also said organizations should have to declare savings they made in social security contributions by using robotics instead of people, for tax purposes.

The motion faces an uphill battle to win backing from the various political blocks in European Parliament. Even if it did get enough support to pass, it would be a non-binding resolution as the Parliament lacks the authority to propose legislation.

Humanoid Robot


Three-Fifths Rule

Like slaves in the US before the Civil War, do robots get Three-Fifths of a pre-programmed representation in the European Parliament?


Law of Bad Ideas

The Law of Bad ideas stipulates that bad ideas never go away, they just get worse over time.

At some point in the future, expect to have to register your robots and pay social security taxes on them as well.

When I first penned the "Law of Bad Ideas" I was shocked to discover nobody had used that phrase.

Also consider Monetarism, Abenomics, QE, and Minimum Wage Proposals: One Bad Idea Leads to Another, and Another.

 

Back to homepage

Leave a comment

Leave a comment