Tax


California Wants to Tax Job Stealing Robots

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In the study of climate alone, data have become so voluminous forcing researchers to turn to AI to make analytical work easier and faster. The World Economic Forum predicted that robotic automation will result in the net loss of more than 5 million jobs across 15 developed nations by 2020, according to its recent report. "We're still working on what defines a robot and what defines job displacement," Kim relates. Rob High, IBM Watson's Vice President and Chief Technology Officer, in an interview with PC Mag, maintained that AI is just another human tool that amplifies human thinking and strengths: "If you look at almost every other tool that has ever been created, our tools tend to be most valuable when they're amplifying us, when they're extending our reach, when they're increasing our strength, when they're allowing us to do things that we can't do by ourselves as human beings."


Ford's 2Q Profit Better Than Expected Despite CEO Turmoil

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Total revenue rose 1 percent to $39.85 billion. The elevated performance in the second quarter was due mostly to a lowering of the company's corporate tax rate, from 30 percent down to 10 percent, Chief Financial Officer Bob Shanks acknowledged. But analysts pointed out that with the lower tax rate, that likely means a lower full-year net income than the $9 billion Ford previously guided. Ford Credit's revenue rose 7 percent to $2.7 billion in the quarter.


How AI Is Already Changing Business

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Erik Brynjolfsson, MIT Sloan School professor, explains how rapid advances in machine learning are presenting new opportunities for businesses. And there are lots of things that humans are pretty good at in distinguishing different kinds of images. And for a long time, machines were nowhere near as good as recently as seven, eight years ago, machines made about a 30 percent error rate on image net, this big database that Fei Fei Li created of over 10 million images. SARAH GREEN CARMICHAEL: With photo recognition and facial recognition, I know that Facebook facial recognition software can't tell the difference between me wearing makeup and me not wearing makeup, which is also sort of funny and horrifying right?


It's time to make the Canadian AI ecosystem bloom

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Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


It's time to make the Canadian AI ecosystem bloom

#artificialintelligence

Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


It's time to make the Canadian AI ecosystem bloom - The Globe and Mail

#artificialintelligence

Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


The Fallacy of Re-Training after AI – Anthony Repetto – Medium

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And, the farms passed lower costs on to a broad base of consumers. When those simple tasks become automated, re-training again places 20% with better-paying work, while the remainder move into occupations that are similarly threatened by automation. Using my 20% figure, Amazon's 200k jobs lost would incur a cost of re-training 200k workers, then 160k workers, then 128k, … a total of 1000k instances of re-training, before those workers find un-automatable jobs. As long as investors pay a lower tax rate than income-earners, automation and re-training will profit only them.


Research and Markets - Cognitive Systems & Artificial Intelligence in BFSI Market to Grow at a CAGR of 45.9% by 2022 - Key Players are IBM, Synechron, Micro Strategy, Infosys, Next IT Corp & Rocket Fuel

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The increasing usage of cloud-based solutions in the BFSI industry, rising demand for the data-driven solutions, increasing internet banking penetration, and scope of deriving market risk are fostering the market growth. The system replaces the human thought process with a simulated digital model that includes a self-learning system, which derives patterns by using data mining, speech recognition, and language processing techniques. The cognitive systems require AI platform to derive the complicated business issues. Globally, the growing demand for digital technology and changing customer demands have led the BFSI players to adopt cognitive systems and AI implementation in their operations to deal with ever-changing regulatory & compliance laws to face the market risk and understand both income tax & corporate tax laws in an efficient way.


Tax agency taps AI to select audit targets, answer taxpayer queries

The Japan Times

The National Tax Agency has unveiled plans to use artificial intelligence to automate responses to taxpayer inquiries and consultations, and select targets for investigation. The plans were included in the agency's 10-year national tax administration program. Under the AI plan, the agency will handle tax inquiries and consultations via email and social media and use AI to provide the best answers. The agency expects to select its tax inspection targets based on the results of detailed data analyses performed with help from AI programs.


Who Will Pay for the Future if Not the Robots?

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"So there's no sales tax revenue because there's no sales," says Joseph Henchman, vice president of state projects at the Tax Foundation. Cities and states get about 30 percent of their revenue from property taxes, 20 percent from sales tax, and another 20 from individual income taxes. "If revenues drop by a third"--the projected impact of automation--Henchman says, "that means services need to be cut back by a third, either through trying to be more focused or efficient with the services we do provide, or by actually having to pare back what government does." A robot tax isn't going to save jobs, but the idea is that it could help cushion the impact of mass automation by funding a universal basic income.