This is good https://www.nytimes.com/2019/11/10/business/economy/warren-billionaires-wealth-tax.html …pic.twitter.com/m0P07HKUsC
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The thinking is that people would work less hard if they couldn’t become billionaires? That’s obviously preposterous.
It’s mostly detailed technical arguments, like “what if you are holding an illiquid asset.” One of those things that clearly exposes the fundamental lack of solidarity that’s pervasive in the tech industry
So far I’ve only seen calculations based on 0% annual return, as if every billionaire keeps their cash underneath their mattress. It’s a dishonest argument at best.
I’ve also heard the argument if you’re 100% illiquid, like owning a large stake of a startup, it’s hard to keep the majority. That could be easily mitigated by excluding large stakes in companies.
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