Another Voice: With Big Tech making billions off personal data, it’s time for US to pull in reins

The $6.7 trillion Big Tech industry affects our lives in ways that empower and harm. Despite recent hits in earnings, current layoffs and Google getting slapped with yet another lawsuit from the Justice Department, tech giants are still all-powerful in our society, economy and daily lives. They remain among the most valuable companies in the world.

The big five — Google, Facebook, Amazon, Microsoft and Apple — have become so large that they rule the marketplace on their own terms. As a result, smaller companies and consumers lose out, and innovation is stifled. Our online behavior is tracked across the internet and sold as data and toxic misinformation that threatens lives and democracy.

Too much is at stake to keep waiting for Washington to grind out a regulation or two. The digital ecosystem has redefined our identities and place in society. We used to consider ourselves citizens, but in today’s digital world, that’s naïve. First and foremost, we are data.

Some lawmakers propose breaking up these monopolies and drafting new regulations. If and when we follow through with these actions, we’ll start catching up with the international community’s efforts to reign in Big Tech’s abuses. For example, in December, the European Union adopted a new minimum tax rate of 15% for large corporations operating in the EU. The trend is to make them start paying up like everyone else.

If the global tech tax becomes reality, how should those new tax dollars be spent? Since the profits being taxed are largely made off our personal data, which Facebook, Google and others use to sell to advertisers, it’s time for the people behind that data to get a piece. Let’s share that tax windfall with the billions of online users whose data is the bedrock of the digital advertising business model. Every American should receive a data dividend if they earn under $175,000 annually.

Create a national board packed with a wide range of experts to address Big Tech’s overreach. Getting tech right for consumers and the economy is all about fairness. It could bring together the country’s leading tech experts such as industry insiders, academics, elected officials, consumer advocates, futurists, legal scholars, privacy and free speech advocates, and top journalists on the tech beat to untangle these challenges.

With a focus on how to transform the Wild West digital marketplace, these top tech minds could provide the guidelines lawmakers need to create doable, sensible and effective regulation. The commission could also report its conclusions about fairness to the tech companies themselves and the everyday tech users.

There’s more at stake than getting annoyed by ads that seem to read your mind. The click-for-profit business model that controls what we see in order to keep our eyes on the ad space as long as possible is taking a toll on our brains, health, society and democracy. Our data turns into cash as it flows from our phones; smart TVs; video doorbells; computers; cars; gaming consoles; Twitter, Facebook, Instagram and YouTube accounts; medical records; Amazon clicks; and Google searches.

We are at the center of the world’s largest industry that lives, breathes and profits from our personal information. We must get serious about claiming our online privacy and making Big Tech follow the same rules as other industries.

A fairness commission could steer us in the right direction by showing tech users what digital fairness looks like. When everyday users know the facts about the profit motive behind disinformation pipelines that can derail our health and institutions, they may start pushing back. We’ve formed commissions to shed light on everything from the 9/11 attacks to changes potentially needed in the Supreme Court. It’s time for a commission dedicated to the myriad issues around Big Tech.

Shifting tides in our economy, institutions and society demand thoughtful action to make sure the digital economy evolves in a fair, democratic and sustainable way. We can’t wait for Congress to agree on regulations to tame excesses in cornering markets and mining our personal data.

A technology fairness commission and a data dividend would be a practical start, because contrary to the alarm bells, Big Tech is not “collapsing.” It’s not even in trouble. And it’s here to stay.

Jane Hoffman is a fellow at Harvard University. This originally appeared in the Chicago Tribune.