Modeling a Wealth Tax: http://paulgraham.com/wtax.html
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Still completely ignoring the return on capital? "A wealth tax compounds", yes, so do dividends.
I'm assuming the company will reinvest its earnings in growth and thus become more valuable. One would assume that was understood when talking about a startups, but apparently not...
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It’s not a tax on startups, it’s a tax on individual wealth. If a company wants to invest all its returns in growth, that’s fine. What have you always said about having a smaller share of a larger pie?
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I think the talk of 60-year holding periods is what confused it. Has there been many companies in history that have existed for 60 years, and never paid a dividend to ownership or exited?
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