Me in 2005: "I'm going to start a startup." Me in 2005 had there been a 70% marginal tax rate on incomes over $10 million: "I'm going to start a startup."
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But if there had been such a tax in the *preceding* generation, you would have been less likely to think this, because startups would not have been as much of a thing. http://www.paulgraham.com/inequality.html
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"What they really dislike is the sort of wealth that becomes self-perpetuating through an alliance with power."
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can we all just agree that taxes are a huge mandatory annual crowdfunding campaign that desperately requires an upgrade. Taxpayers need a dashboard where they can decide where the tax dollars will go to, this would also solve the debate around projects like the wall
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Disagree with the inequality blog post. (1) taking money away from the rich doesn’t sound so bad if you believe rich shouldn’t be so rich to begin with (Capital compounds unfairly. Value from economic growth accrues mostly to the already rich; Capital leads to rent-seeking).
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(2) Founders aren’t Expected-Value-maximizers as the post implies. And if they were, wouldn’t financial EV of Google/FB/MBA always trump startup? I chose startup for freedom to invent the future, not $$.
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People measure their wealth in relative terms always, not absolute! Well documented
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We hear about the valuation of companies, not what founders end up with after taxes. You are completely out of touch with people that are young, ambitious and broke. At that stage, people instantly signup for doing what they love and a chance of getting ‘just’ $1MM+.
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Most startups fail, which means most entrepreneurs are crazy enough to go on the journey without knowing if they'll come away with $0 let alone $10 million in capital gains income.
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But there are unemployment and hopefully family safety nets. It’s not crazy to aim for millions, or land just like the majority of the pop. What do you really lose?
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Have you surveyed YC founders on motivation for starting a company?
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1) The top marginal tax rate was 70% when MSFT and AAPL were founded. 2) This proposal won’t even effect entrepreneurs or VCs because it’s income tax not capital gains. 3) No one I talked to in my YC batch was purely motivated by money. We all wanted to change the world.
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I almost forgot, when YC told us to incorporate in the US instead of in Canada, we walked away from some incredible tax incentives and credits. Worrying about taxes at such an early stage, we were told, was an unproductive use of a founder’s time.
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