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This is exactly why something like a wealth tax (or, for that matter, things like universal health care) work better at a national level than state, and why I'm less sure about a state-level wealth tax. Details are important in policy making!
The reason it's a useful thought experiment, though, is that it makes it clear that such a tax would in fact influence founders. The question is the power of that influence relative to the difficulty of switching countries.
Yup, it would certainly influence some founders. Which is why I said 'Almost everyone.' I think the disagreement is on whether that influence is enough to matter. My argument is no, especially if a wealth tax is combined with strengthening America's other advantages for startups.
Those advantages are fading or non existent.
For founders who are US citizens by birth, switching countries might not seem appealing. But many founders are not born in the US. Especially now that companies are going remote, it would be easy for them to leave. Or never come to the US in the first place.
if you're trying to convince me that we need better global coordination in order to collect capital wherever it lies, you're succeeding!
It would influence founders that once they get to a high valuation, they would be forced to relinquish ownership and control of their creation to Blackrock, Vanguard, and hedge fund managers to afford to pay the wealth tax.
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