Modeling a Wealth Tax: http://paulgraham.com/wtax.html
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Replying to @paulg
There is no serious wealth tax proposal that I know of (please correct me if I'm wrong) that is not a marginal tax over a certain amount. It is misleading and a bit fear-mongering to write an essay that implies there is such a proposal out there.
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Replying to @saikatc
In the Netherlands the threshold appears to be only 30k euros. That's very close to not being a marginal tax. And that is not merely a proposal, but current law.
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In the Netherlands, ownership over 5% of a limited company is not taxed as wealth, but as capital gains in Box 2. So a founder usually has a personal LLC to hold their shares in the startup LLC. Money withdrawn from the personal LLC then falls under the wealth tax in Box 3.
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The Dutch setup avoids your dilution concerns, but obviously also opens loopholes.
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Needless to say, the founders of Booking, Adyen, TomTom, and other Dutch tech companies are still fabulously rich
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