Around half of Silicon Valley startups return less than invested capital. One should presume that effectively all the options at all of those companies end up being worthless, and the employees never get cash from them. Taxing the employees on those options… 

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I’m not assuming anything. I just feel the logic is biased. Been on both sides (+investing) of the equation and more often than not, “founding” employees end up paying more than their fair share. Taxing illiquid assets is dumb for sure.
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You said tax one person and not the other. Why?
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