South Korea Is Decreasing Tax Breaks on Automation, and That’s Probably a Bad Idea
There’s a school of thought that goes a bit like this: robots are getting better at doing human tasks, and that's eroding jobs and making companies more money. So why not place taxes on them as a way of ensuring that society benefits from their productivity? Even Bill Gates has been known to back the idea.
According to the South China Morning Post, South Korea appears to buy into that notion, at least a little. The nation has previously given companies tax breaks of between 3 and 7 percent for buying industrial automation equipment, like robots. Now, it plans to decrease those benefits by 2 percent. That might not seem like a big change, and it's certainly not a full-on "robot tax"—but it will, obviously, slow the rate at which automation is introduced in the country.