The Case for a Public Share in AI
The Case for a Public Share in AI  
Podcast: Stanford Legal
Published On: Thu Jun 25 2026
Description: Jeremy Bearer-Friend and Sarah Polcz discuss their proposal to require leading AI firms to pay taxes in equity, reshaping how the gains from AI are distributed --- Artificial intelligence is rapidly reshaping the economy, but two Stanford Law alumni argue that existing tax frameworks are failing to capture—or fairly distribute—the value it generates. Jeremy Bearer-Friend, JD '14, a professor at George Washington University Law School, and Sarah Polcz, JSM '12, JSD '20, a professor at UC Davis School of Law, join co-host Professor Richard Thompson Ford to discuss a proposal that would require leading AI companies to pay a portion of their taxes in equity rather than cash, with those shares placed into a public trust, and their work with U.S. Senate members to make this happen. The conversation explores a central question: If AI was built on vast amounts of human-generated text, images, and creative work, who is entitled to share in the wealth it produces? Bearer-Friend and Polcz connect their proposal to broader concerns about wealth concentration and whether the gains from AI will flow to a narrow class of tech executives and investors—or to the public at large. The episode also examines how an equity-based tax could work in practice, including questions of governance, political insulation, and the mechanics of a sovereign wealth fund, and what it would mean to give the public a direct stake in the companies shaping the future of artificial intelligence. Links: Jeremy Bearer-Friend  >>> GW Law School page Sarah Polcz  >>> UC Davis School of Law page “Sharing the Algorithm: The Tax Solution to Generative AI” >>> Columbia Journal of Tax Law page American AI Wealth Fund Bill >>> PDF “Everyone Wants to Tax A.I. The Big Disagreement: How?” >>> NY Times DealBook page “Don’t laugh off Bernie Sanders’ communist AI-heist attempt — young voters are falling for it” >>> New York Post page Connect: Episode Transcripts >>> Stanford Legal Podcast Website Stanford Legal Podcast >>> LinkedIn Page Rich Ford >>>  Twitter/X Pam Karlan >>> Stanford Law School Page Stanford Law School >>> Twitter/X Stanford Lawyer Magazine >>> Twitter/X (00:00:00) A Tax Paid in Stock (00:02:14) IP, Inequality, and the AI Boom (00:05:56) Why the Public Deserves an Equity Stake (00:11:58) How the Tax Would Actually Work—Stock, Rates, and Governance (00:16:59) Sanders, Trump, and a Race to Co-opt the Idea (00:21:06) Objections, Safeguards, and the Road Ahead Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.