On June 2, Bernie Sanders wrote an op-ed with one sentence that should have stopped everyone scrolling: the federal government should own half of OpenAI, half of Anthropic, half of xAI.
Sixteen days later, he introduced the bill to actually do it.
Then, on July 2, something stranger happened. Sam Altman didn't fight it. He offered a smaller version of it, voluntarily, before Congress could force a bigger one on him.
Two very different visions of who owns the AI economy are now on the table at the same time. One is a $7 trillion mandatory seizure. The other is a 5% peace offering. Here's what's actually in each of them, and why the second one might tell you more about where this is heading than the first.
The $7 Trillion Bill
Sanders' American AI Sovereign Wealth Fund Act, unveiled June 18, is not a light-touch proposal. It would impose a one-time 50% tax, paid in company stock, on any AI firm pulling in more than $200 million a year in AI-related revenue.
The seized shares would fund a public trust Sanders estimates at roughly $7 trillion
A new Independent Commission for Democratic AI, seven members, nominated by the president, confirmed by the Senate, would manage it
The commission would hold real voting power, able to block company decisions it judges harmful to the public
Companies like Google and Amazon that blend AI with other businesses would have to spin off the AI side so the public stake attaches to it specifically
Sanders projects the fund could eventually pay out around $1,000 a year to every American, on top of funding health care, education, and housing
Sanders' framing is blunt: AI wasn't invented in a vacuum. "It was not a brilliant idea that just popped into Mark Zuckerberg's head or Elon Musk's imagination," he said, arguing the technology runs on "the collective knowledge of humanity" and should pay the public back for it.
Then OpenAI Made Its Own Offer
Two weeks later, the Financial Times reported something that read like a counter-move. Sam Altman had proposed donating 5% of OpenAI's equity to a U.S. sovereign wealth fund, with the expectation that other major AI companies would make comparable voluntary donations.
The stated goal, according to people familiar with the talks, was to "secure good relations with the administration" and get ahead of the political backlash before it hardens into law.
It's not coming from nowhere. OpenAI published its own policy paper back in April calling for a public wealth fund that would give ordinary Americans an automatic stake in AI's gains. Anthropic has floated similar ideas. Trump himself has confirmed talks with AI companies about "concepts where pieces could be given to the American public, where the American public essentially becomes a partner."
Ten percent versus fifty percent. Voluntary versus mandatory. Whichever number wins, the direction of travel is the same: the era of AI companies owing the public nothing appears to be ending.
| Date | What Happened | What It Means |
|---|---|---|
| Feb 2025 | Trump signs an executive order directing Treasury and Commerce to draft a sovereign wealth fund plan. | The idea of a U.S. wealth fund enters the White House well before Sanders' bill. |
| Aug 2025 | U.S. government takes a 10% stake in Intel via an $8.9 billion investment. | First real precedent for the federal government owning a chunk of a major tech company. |
| Jun 2, 2026 | Sanders publishes a New York Times op-ed announcing the coming bill, naming OpenAI, Anthropic, and xAI. | Puts frontier AI labs on notice by name, weeks before the bill text exists. |
| Jun 18, 2026 | American AI Sovereign Wealth Fund Act formally introduced: 50% stock tax, ~$7 trillion fund. | Moves from op-ed to actual legislative text with a dollar figure attached. |
| Jul 2, 2026 | FT reports Altman's proposal to voluntarily donate 5% OpenAI equity to a sovereign fund. | Industry tries to set its own, smaller terms before Congress sets bigger ones. |
The Argument Nobody Has Won Yet
Sanders leans hard on precedent: Norway's oil fund, Alaska's Permanent Fund, more than a hundred sovereign wealth funds already running worldwide. "When a public resource generates wealth, the public should share in that wealth," he argues.
Critics say the comparison doesn't hold up. Norway and Alaska are funded by decades of steady, physical resource revenue. AI companies are largely valued on projected future growth, not mature cash flow, and several aren't profitable yet. A Forbes analysis warned that paying out 5% of the fund's value every year, before that value is real cash, "would risk turning paper gains into hard fiscal promises."
American AI Sovereign Wealth Fund: FAQ
Legislation introduced by Senator Bernie Sanders (I-Vt.) on June 18, 2026, that would impose a one-time 50% tax, paid in stock, on AI companies with more than $200 million in annual AI-related receipts. The resulting shares, an estimated $7 trillion, would fund a federal trust managed by a new Independent Commission for Democratic AI, distributing 5% of the fund's value annually to Americans, roughly $1,000 per person to start.
A seven-member Independent Commission for Democratic AI, nominated by the president from a bipartisan list supplied by Congress and confirmed by the Senate. The commission would control the fund's voting shares, able to block corporate decisions it deems harmful to the public.
The Financial Times reported Altman proposed donating 5% of OpenAI's equity to a U.S. sovereign wealth fund, with other AI firms expected to follow. It's widely read as an attempt to get ahead of Sanders' far larger, mandatory 50% tax proposal, securing goodwill with the administration before Congress can force a bigger transfer.
Trump has confirmed discussing "concepts where pieces could be given to the American public, where the American public essentially becomes a partner with the companies." In February 2025 he ordered Treasury and Commerce to draft a sovereign wealth fund plan. He hasn't endorsed Sanders' specific 50% tax, and any formal plan would likely need congressional approval.
Norway and Alaska are funded by decades of steady oil and gas revenue. Critics note AI companies are largely valued on future growth rather than mature profit, and some aren't profitable yet, making an immediate 5% annual payout riskier than a resource-backed fund.
"Systemically important" AI companies in data centers, infrastructure, and robotics, with Sanders naming OpenAI, Anthropic, and xAI directly. Conglomerates like Google and Amazon would have to spin off their AI operations so the public stake applies only to the AI business.
That it could deter investment, that a large unappropriated public fund invites mismanagement, that the Norway/Alaska comparison breaks down for speculative tech valuations, and that AI infrastructure built at the state and local level (Texas, Virginia) would see its upside captured by an entirely federal fund.
Yes. OpenAI published a policy paper in April 2026 proposing a public wealth fund giving Americans an automatic AI stake, and Anthropic has floated similar national sovereign wealth fund ideas. Sanders cites these as proof the industry accepts the principle, even as it resists the scale of his mandatory version.
Yes. In August 2025 the U.S. government took a 10% stake in Intel through an $8.9 billion investment. It's a real precedent, but a single case at that scale is far smaller than a $7 trillion fund spanning the entire AI sector.
Jans Bock-Schroeder
Publisher & Founder of AI Angst
Coming from the world of art, photography, and the luxury market, Jans launched AI Angst in 2025 to explore the cultural, ethical, and psychological impacts of artificial intelligence. His work bridges creative vision with critical technology analysis, offering clarity in an era of rapid technological change.
Sources and Citations
This article is based on the following primary sources, published June 2 – July 9, 2026:
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Office of Senator Bernie Sanders — "Sanders Introduces Legislation to Create $7 Trillion AI Sovereign Wealth Fund" (June 18, 2026)
Primary source for the bill's structure, the Independent Commission for Democratic AI, and Sanders' direct quotes.
https://www.sanders.senate.gov/press-releases/news-sanders-introduces-legislation-to-create-7-trillion-ai-sovereign-wealth-fund/ -
TechCrunch — "OpenAI proposed donating 5% of its equity to a US sovereign wealth fund" (July 2, 2026)
Source for the Altman equity proposal, the Financial Times reporting, and Trump's "partner" quote.
https://techcrunch.com/2026/07/02/openai-proposed-donating-5-of-its-equity-to-a-us-sovereign-wealth-fund/ -
Roll Call — "Sovereign wealth fund tax on AI companies unveiled by Sanders" (June 18, 2026)
Source for bill text details, the $200 million revenue threshold, and industry proposal context.
https://rollcall.com/2026/06/18/sovereign-wealth-fund-tax-on-ai-companies-unveiled-by-sanders/ -
Forbes — "Bernie Sanders Wants A U.S. Sovereign Wealth Fund For AI" by James Broughel (June 22, 2026)
Source for critique of the annual dividend structure and Norway/Alaska fund comparison.
https://www.forbes.com/sites/jamesbroughel/2026/06/22/bernie-sanders-wants-a-us-sovereign-wealth-fund-for-ai/ -
World Politics Review — "An AI Sovereign Wealth Windfall? First, Find the Windfall" (June 2026)
Source for the Alphabet/Amazon spin-off provision and the state-versus-federal infrastructure tension.
https://www.worldpoliticsreview.com/ai-sovereign-wealth-fund-windfall-bernie-sanders/
Published: July 13, 2026. Sources verified at time of publication. All external links open in a new tab.
