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kimmaicutler's profile
Kim-Mai Cutler
Kim-Mai Cutler
Kim-Mai Cutler
Verified account
@kimmaicutler

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Kim-Mai CutlerVerified account

@kimmaicutler

Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.

San Francisco
medium.com/initialized-ca…
Joined April 2008

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    1. Seth Bannon  👨‍🔬‏Verified account @sethbannon Aug 15
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      Replying to @dunkhippo33 @JeffLonsdale

      $40m under management is not $40m net worth. Not by a long shot. And the bill certainly doesn't define it that way.

      1 reply 0 retweets 3 likes
    2. Elizabeth Yin‏ @dunkhippo33 Aug 15
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      Replying to @sethbannon @JeffLonsdale

      Do you have a link? I can’t find the bill details anywhere so we’ll see. if private stocks are considered assets then ownership of funds should be too - whatever the latest value of the fund is - so if it’s 3x on paper, then less 1x, 20% is your net worth, no?

      1 reply 0 retweets 1 like
    3. Seth Bannon  👨‍🔬‏Verified account @sethbannon Aug 15
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      Replying to @dunkhippo33 @JeffLonsdale

      Let's say carry counts and do the math. Say you 3x your $40m under management. ($40m * 3 - $40m) * 20% = $16m for you You still wouldn't qualify! First $15m is excempt. And I assume that entire $16m isn't just yours, but your partners also. 1/3

      1 reply 0 retweets 1 like
    4. Seth Bannon  👨‍🔬‏Verified account @sethbannon Aug 15
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      Replying to @sethbannon @dunkhippo33 @JeffLonsdale

      At what multiple would this kick in, assuming all carry is yours only? 4.125x of your $40m under management to have to pay anything. Math: Need $25m net worth for tax to apply ($165m - $40m) * 20% = $25m Only last $10m of that is taxed .4% = only $40k / year! 2/3

      1 reply 0 retweets 0 likes
    5. Seth Bannon  👨‍🔬‏Verified account @sethbannon Aug 15
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      Replying to @sethbannon @dunkhippo33 @JeffLonsdale

      Seems pretty reasonable. You have huge wealth to draw on at that point. You gonna leave CA for that $40k? And sacrifice the networks that allowed you to build the $25m of wealth??? Maybe. I bet not We should define them well, but wealth taxes can be extremely reasonable. 3/3

      1 reply 0 retweets 1 like
    6. Elizabeth Yin‏ @dunkhippo33 Aug 15
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      Replying to @sethbannon @JeffLonsdale

      1st off - that’s what we have right now... lots unsaid in this thread... so agree w your calc but wrong #s... 2ndly, I might have to! $40k is a lot of $$. (maybe not for you but for many new mgrs...) My networks will be around since I mostly zoom w ppl - even pre covid :)

      1 reply 0 retweets 2 likes
    7. Seth Bannon  👨‍🔬‏Verified account @sethbannon Aug 15
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      Replying to @dunkhippo33 @JeffLonsdale

      Once you've created ***$25 MILLION*** of equity value for yourself, there are many options to create $40k cash if you need it. Sell a part of the management company, for instance. Very common. And a very small inconvenience to pay for the system that allowed for your new wealth.

      3 replies 0 retweets 1 like
    8. Elizabeth Yin‏ @dunkhippo33 Aug 15
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      Replying to @sethbannon @JeffLonsdale

      Would disagree here - private markets are incredibly mispriced (both ways) & hurt entrepreneurs and new fund mgrs. it’s much better to revoke prop13 where the real estate mkts are a lot more liquid / transparent - can sell fractional ownership in houses fairly.

      2 replies 0 retweets 2 likes
    9. Sandy Kory‏ @sandykory Aug 15
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      Replying to @dunkhippo33 @sethbannon @JeffLonsdale

      keep in mind the law carves out real estate, strengthening CA's already best-in-class regime of tax subsidies for real estate wealth http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB2088 …

      1 reply 0 retweets 1 like
    10. Elizabeth Yin‏ @dunkhippo33 Aug 15
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      Replying to @sandykory @sethbannon @JeffLonsdale

      Yes that's why I say this was poorly designed. Why should a real estate mogul who bought a home in Los altos hills in 1980 and has made all his / her money in real estate pay basically no taxes under this bill? It's not really a wealth tax. It's targeting startup founders.

      2 replies 0 retweets 3 likes
      Kim-Mai Cutler‏Verified account @kimmaicutler Aug 15
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      Replying to @dunkhippo33 @sandykory and

      Kim-Mai Cutler Retweeted Jeremy B. White

      It’s a symbolic bill that exists to make a political statement that the governor isn’t going to sign anyway, because 50% of the state’s personal income tax revenue comes from the 1% and he’s not going to blow up the tax base in an economic depression.https://twitter.com/jeremybwhite/status/1294375279280812032?s=21 …

      Kim-Mai Cutler added,

      Jeremy B. WhiteVerified account @JeremyBWhite
      Full @GavinNewsom on CA wealth tax: Need to be careful about applying national idea to "state by state constructs until and unless you consider the impacts of those decisions on your ability to retain and attract talent, individuals, companies, and your competitiveness"
      9:07 PM - 15 Aug 2020
      • 5 Likes
      • James Lukanta Alec Barrett-Wilsdon Sandy Kory Elizabeth Yin Dave Lu
      1 reply 0 retweets 5 likes
        1. New conversation
        2. Jeff Lonsdale‏ @JeffLonsdale Aug 16
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          Replying to @kimmaicutler @dunkhippo33 and

          I hope you are right. They passed and implemented AB5, seemingly as a symbolic bill against gig economy tech companies, before understanding who else it could really impact. So it makese sense to really push back against badly designed things coming out of the CA legislature.

          1 reply 0 retweets 1 like
        3. Kim-Mai Cutler‏Verified account @kimmaicutler Aug 16
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          Replying to @JeffLonsdale @dunkhippo33 and

          There was a California Supreme Court ruling, the Dynamex case, that that preceded AB5 and essentially pressured the legislature to come up with a new test.

          0 replies 0 retweets 1 like
        4. End of conversation

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