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1/5 of Fortune 500 companies were founded by first-generation immigrants. If I'm a would-be entrepreneur watching founders in the US caught between a tax designed to actually lower their net worths & all-out confiscation at the border, am I going to step in the bear trap next?
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.
Is a tax that only kicks in above $50m a meaningful disincentive for "would-be entrepreneurs"?
The ones actually likely to start businesses worth >$50M? Yeah. The median early-stage valuation is $30M. If you're coming to the US to access capital in any serious way, that kind of number is not crazy high.
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