Modeling a Wealth Tax: http://paulgraham.com/wtax.html
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Maybe, but I think it’s just as likely that if Bezos or Zuck had tried to start their companies in other countries, they would not have had nearly as much success and someone else would have seen the market opportunity and beat them in the US. The US has a lot to offer.
It would take a lot to make a Bezos or Zuck move to other countries, but far less to make them pick other states within the US. In fact, Bezos chose Washington because it had no state sales tax.
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Right. That’s one reason I mentioned that I think it’s harder for a wealth tax to work at a state level than nationally in the US. But even with CA being so much more expensive and freedom of movement between states, CA still has a bigger startup industry.
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So then the question becomes — what are the opportunities in CA that made it so attractive despite the higher taxes? It’s hard to get into that in a tweet, but I’d argue it’s largely that we put in large public funding early to make it.
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Typo for no state income tax.
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He said it’s because Microsoft was there, to recruit from there
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Yes. Part of the advantage of the US's federal structure has been that states compete with one another to attract startup founders and capital networks. This has been largely forgotten because CA has been so far ahead for so long. But it might become relevant again soon.
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