This tax bill would likely end founder control of lots of independent companies - perhaps including Epic Games.https://www.washingtonpost.com/us-policy/2021/10/22/sinema-warren-billionaire-tax/ …
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When the press says I’m a billionaire, they don’t mean I have billions of dollars in the bank. Never had, likely never will. In my case it just means I started a company 30 years ago and my ownership stake in it is now very valuable.
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For all American history, capital gains have been taxed when one sells stock. This new proposal would tax theoretical “gains” continually based on a company’s market value increasing.
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Every time a company’s value doubles, the government would force founders like me to sell 25% of our stake to pay the government. Epic’s value has doubled 8 times in the past 5 years. If this tax scheme had been place, I’d have been forced to liquidate nearly my entire ownership.
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Now here’s why this bill is so particularly horrid for American entrepreneurs. It doesn’t apply to shares held by hedge funds like KKR, nor to corporate investors like Tencent and Sony. Just to individual founders who hold shares personally.
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Replying to @TimSweeneyEpic
I am confused by the fact that ZERO of the discussion involves how taxing “unrealized gains” will not actually increase the government’s tax revenue. It just shifts it forward in time, giving a one-time boost that is worth almost nothing. EV is negative because either the govt is
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Replying to @Jonathan_Blow @TimSweeneyEpic
holding these funds and making interest rates appropriately to that (or worse), or, you leave the money in the hands of the person who has shown they can deploy capital to generate way-above-market growth, and then you tax that post growth. The latter is OBVIOUSLY better, even if
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Replying to @Jonathan_Blow @TimSweeneyEpic
your goal is to maximize tax revenue.
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Replying to @Jonathan_Blow @TimSweeneyEpic
The problem here is that you are focusing on, for lack of a better term, "how things actually work". I think the key thing we need to focus on here is that someone printed number in a newspaper and it is much higher than some other number, and we cannot have that.
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So I am proposing the "Muratori Rule" to Congress to end this heinous injustice. It is as follows: all wealth measurements will henceforth be reported log 10.
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This way, Jeff Bezos, whose "net worth" is 193.3 billion dollars, will be approximately 3 times as wealthy as a family with $10,000 in total assets.
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Remember to vote Muratori for Congress in your next election for more innovative solutions like these.
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Thanks Obama
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