Under a 3% wealth tax, Bezos’ first-year “fair share” exceeds *all* his liquid assets. Founders’ wealth is in their companies, not yachts. There’s nothing worth enough to sell but ownership stake. A cartoon vision of wealth is going to dismantle the strongest economy in the world
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Note: current exit tax is 23.8% *on capital gains*. If I had $1B in stock today that had doubled in value since I acquired it, I'd owe $119M. To keep the wealthy from fleeing, Warren is proposing a 40% tax on ALL wealth over $50M. Under that scheme, I'd owe $380M — more than 3x.
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Is a tax that only kicks in above $50m a meaningful disincentive for "would-be entrepreneurs"?
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No, you are not. A wealth tax would effectively REPEL capital away from the US. Since the US, unlike most countries, taxes all assets owned by an US citizen/resident WORLDWIDE, this would also actually repel the innovators themselves from coming to the US.
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