“I have never heard someone say, ‘I would have started a company, but tax rates were too high.’” https://twitter.com/andymoonsun/status/917451472220114950 …
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Replying to @kimmaicutler
Then why do they negotiate for an insist on the right to early exercise their shares?
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Replying to @kimmaicutler
Yes it does. They refuse to join companies that don’t permit early exercise.
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Replying to @rabois
...that's joining a co that someone else started? Don't equate what I said with arguing that the corp, cap gains tax system is perfect as is
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Replying to @kimmaicutler @rabois
CA has the most progressive income taxation of any state in the country. We produce the biggest cos: https://www.bloomberg.com/view/articles/2017-05-10/california-leads-u-s-economy-away-from-trump …
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Replying to @kimmaicutler
Yes but the federal tax burden is even greater. Founders obsess about the tax treatment of their stock, even delaying term sheets to arrange
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Replying to @rabois
but did it stop them from founding a company or not? That's optimizing your tax burden once you've decided to start a company....
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Replying to @kimmaicutler
Definitely stops people. These founders run risk by deferring these term sheets. Co formation exploded when we suspended tax rates in 08-10.
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Too many lurking variables. Great cos often founded in the downturns because it's easier for talent to concentrate in one spot.
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Replying to @kimmaicutler
Well since I coined that perspective I can’t debate it :)
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Replying to @rabois
:) Disney, GM, Microsoft all founded in recessions....
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