Senator Bernie Sanders introduced the American AI Sovereign Wealth Fund Act on June 18, proposing that the federal government take a 50% ownership stake in the largest AI companies in the U.S. through a one-time stock tax.

The fund, estimated at roughly $7 trillion based on current valuations, would be managed by an independent seven-member commission appointed by the President and confirmed by the Senate. At a 5% annual dividend, it would initially distribute more than $1,000 per year to every American - with payouts growing as the AI sector expands. Companies generating over $200 million in annual AI revenue would be subject to the ownership requirement.

Sanders framed the bill around a fundamental argument: AI systems were built on the collective knowledge of humanity - books, journalism, scientific research, creative work, and code produced by generations of people who were never compensated for it. That public resource is now generating enormous wealth for a small group of technology executives. His legislation would redirect a portion of that wealth back to the public.

A proven model, applied to AI.

Sovereign wealth funds are not a new concept. Over 100 exist worldwide - from Norway's Government Pension Fund to Alaska's Permanent Fund, which pays every resident roughly $1,000 to $2,000 a year just for being an Alaskan. These are proven models for converting public resources into shared dividends.

Canada has its own version of this argument.

Common Wealth Canada's proposal at commonwealth.ca/fund makes the case for a Canadian sovereign wealth fund built on economic rents - the $240 billion a year flowing from our land and natural resources. The math works similarly: invest that wealth publicly, distribute the dividends to every Canadian. It's a guaranteed income floor that doesn't depend on deficits or charity. It's ownership.

What Sanders' bill does - beyond its slim prospects in today's Congress - is make the conversation undeniable. Automation is accelerating. AI is replacing entry-level work. The productivity gains are real. The question is who captures them.

If it's just the shareholders of OpenAI and Meta, we've already lost. If it's the public, through funds like the ones Sanders and Common Wealth Canada are describing, we have a foundation for a guaranteed livable basic income that doesn't depend on government handouts.

This idea isn't going away. The only question is whether we're early or late.