Billionaire Tom Steyer, running for governor of California, has unveiled a bold plan: tax tech giants to fund jobs and benefits for workers displaced by artificial intelligence. The plan aims to make California the first major economy to guarantee good-paying jobs for those impacted by AI, using a 'token tax' on big tech companies to support housing, healthcare, and energy modernisation.

Steyer's initiative goes beyond mere job creation; it includes training programs, expanded unemployment insurance, and an agency dedicated to protecting workers’ rights. His proposal comes at a time when lawmakers across the US are grappling with AI’s impact on employment. In New Jersey, a similar bill proposes retraining funds for displaced workers.

Despite the growing concern over AI's role in job displacement, Steyer remains optimistic. He believes that while AI can be transformative, it should not come at the cost of leaving Californians behind. Critics argue that regulating AI could stifle innovation and economic growth.

The plan faces challenges from both federal interference and tech industry opposition. The White House has expressed concerns over state-level AI regulations, and a super PAC supported by Silicon Valley giants is targeting candidates like Alex Bores in New York who advocate for stricter rules on AI.