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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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.
But notice how much less common startups were when Microsoft and Apple were founded. And in any case loopholes meant the effective rate was much lower. Few founders are motivated entirely by money. Even fewer are not motivated by it at all.
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1) I’ve heard this loophole argument before but haven’t seen good evidence for it. See https://mobile.twitter.com/mveytsman/status/1084875721107886080 … 2) There were much more startups in 2015 than 2005 while the top rate went up 4.9%. Maybe the dominating factor is low interest rates, access to global capital, or YC?
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If profits from one venture can be rolled over to another one, then it's a consumption tax. (Possibly a good thing.) If not, it'll divert investment to gov spending and/or encourage conglomerates.
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