My perspective as an immigrant entrepreneur: If this is this where US innovation is going, I would immediately move with my family to a country with a lower marginal tax rate!
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Replying to @AleResnik @paulg
An examination of multiple tax level changes in California suggests that wealthy people are deeply enmeshed in the social fabric and infrastructure that generates their wealth and therefore don’t engage in tax flight as much as one would think. https://inequality.stanford.edu/sites/default/files/millionaire-migration-california-impact-top-tax-rates.pdf …
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Replying to @kimmaicutler @paulg
How I see it: What’s my incentive to stay far from my native Buenos Aires, sacrifice family time for years, to get creamed on the upside? Instead: let me keep my upside and incentivize philanthropy heavily.
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If you are not willing to contribute to our country now, then we would we want to help you should things fall apart and you are living under another Chavez or Ortega?
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70% tax rate sounds an awful lot like Chavez and Ortega to me.
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Kim-Mai Cutler Retweeted John Harwood
Again, marginal tax rates are not overall tax rates.https://twitter.com/johnjharwood/status/1083751239744192512?s=21 …
Kim-Mai Cutler added,
John HarwoodVerified account @JohnJHarwooda 70% top tax rate on $10-M earners doesn't mean taking 70% of their income in 1981, Reagan's 1st year, top rate was 70%. richest 1% paid average 33.1% overall in 1989, w/28% top rate, they paid avg 27.9% in 2014, w/39.6% top rate, they paid avg 33.6% https://www.cnbc.com/2019/01/10/ocasio-cortez-70percent-idea-is-just-the-start-of-the-democratic-tax-debate.html …2 replies 0 retweets 3 likes -
Yes, got it! Let’s say I grew up in very high effective (and marginal) tax rate economy where innovation continues to be suffocated. I don’t recommend it.
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What if I grew up in a country that used to have high marginal tax rates and with that, it funded virtually free higher education, state-of-the-art infrastructure and also had significant advances in tech that raised quality of life/lifespan substantially?https://press.princeton.edu/titles/10544.html …
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I would say this probably happened despite of it.
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Yeah, I guess the government had nothing to do with how Fred Terman was a graduate student of Vannevar Bush’s, who then went on to form the National Science Foundation and then how Terman leveraged that relationship to turn Stanford from a regional country club school into a
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an international R&D powerhouse via government and military R&D contracts.
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I would argue you don’t need a higher tax rate for that to happen.
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You have no evidence of that. Significant government and military funding is a foundational part of the creation of Silicon Valley.
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