Timothy B. LeeVerifisert konto

@binarybits

Reporter covering tech and economics at . Previously: , , . Subscribe to my newsletter!

Washington, DC
fullstackeconomics.com
Registrerte seg mars 2008
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  1. for 13 timer siden

    2 svar 11 retweets 50 liker
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  2. for 19 timer siden

    To be clear, they pay no capital gains tax. Their estate may owe estate taxes on the value of the asset.

    2 svar 2 retweets 27 liker
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  3. for 21 timer siden

    Billionaires use a strategy known as "buy-borrow-die" to avoid paying any tax on their capital gains. This is made possible by a loophole called step-up basis. explains how lobbyists defeated Biden's effort to close it.

    23 svar 167 retweets 395 liker
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  4. 15. sep.

    Nice summary of my cryptocurrency piece today.

    4. The problem is that crypto doesn't really have the ability to switch from Travis to Dara. It doesn't have a CEO. It just persists, decentralized, doing its thing, whether that follows e.g. U.S. securities law or not.
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  5. 15. sep.

    I suspect this is a big reason Satoshi Nakamoto stayed anonymous and dropped from public view in 2011: he feared he'd otherwise face legal problems for creating bitcoin. Liberty Reserve founder Arthur Budovsky wound up getting a 20-year prison sentence.

    2 retweets 10 liker
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  6. 15. sep.

    Savvy diplomacy by guys like , , and helped to prevent that from happening.

    1 svar 8 liker
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  7. 15. sep.

    It's hard to appreciate today how vulnerable bitcoin seemed in its first few years. In 2012 it was easy to imagine the feds concluding that bitcoin is nothing more than a giant money laundering operation and shutting it down.

    2 svar 5 retweets 15 liker
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  8. Retweetet
    15. sep.

    SO important. People's intuitions are wrong and it's helping to wreck some of our most productive metro areas.

    Sorry, NIMBYs! Even market-rate luxury housing opens up housing for low-income renters! walks through the latest research that proves it by tracking chains of moves.
    5 svar 23 retweets 122 liker
    Angre
  9. 15. sep.

    And that's going to lead to increasing friction with the authorities, as I explain in my latest piece.

    2 svar 1 retweet 12 liker
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  10. 15. sep.

    But it's not obvious if cryptocurrencies will (or can) do the "going straight" part. Blockchain networks are deliberately engineered to be beyond the reach of regulators. You could throw every American bitcoin miner in jail and it wouldn't change how bitcoin operates.

    4 svar 12 liker
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  11. 15. sep.

    The early blockchain community did the "flouting the law" part of this in spades. Conventional financial networks have to identify their customers, report suspicious activities to money-laundering authorities, register investment offerings with the SEC, etc.

    1 svar 1 retweet 7 liker
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  12. 15. sep.

    It's a pretty normal story for a new startup or technology to flout the law when it's too small for anyone to care, then "go straight" as it gets bigger and more profitable. Think of early YouTube turning a blind eye to pirated videos or Uber flouting taxi regulations.

    1 svar 2 retweets 12 liker
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  13. Retweetet
    15. sep.

    How luxury apartment buildings help low-income renters anyone who has lived in Austin vs Bay Area knows this

    2 svar 11 retweets 42 liker
    Angre
  14. Retweetet
    14. sep.

    What gets me about Facebook is that all the people who work there have very in-demand skills and could get jobs at all kinds of companies whose core product is more useful to the world.

    56 svar 110 retweets 981 liker
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  15. Retweetet
    13. sep.

    In other words, NIMBYs adversely affect affordable housing more than luxury apartments.

    The moving chain literature on housing filtering can be a little hard to wrap your mind around, but I think explains it pretty well in plain English:
    1 svar 2 retweets 15 liker
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  16. Retweetet
    13. sep.

    The Taliban literally cannot make the money printer go brr

    33 svar 111 retweets 607 liker
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  17. 13. sep.

    Oops, forgot to link to 's piece, which is worth reading in full.

    3 liker
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  18. 13. sep.

    It's still formally a loan but practically speaking it's a tax on the earnings of college educated people. And it's one people won't want to opt out of since then they won't get the chance to partial forgiveness.

    1 svar 2 liker
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  19. 13. sep.

    It's easy to imagine a future where tuitions keep rising but income-based repayment and other programs mean fewer and fewer people ever pay back the full amount.

    1 svar 2 liker
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  20. 13. sep.

    But, over time we've seen: (1) tuition rising faster than inflation for decades, (2) federal loans offering an income-based repayment option starting in 1994, (3) the feds increasingly taking over direct administration of federal student loans.

    1 svar 3 liker
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