(1) Boards are typically so hesitant to oust founders that it's hard to know what conclusions you can draw from those cases. Softer power shifts are very tough to look at. Successful VCs are very pro-founder. Maybe the entire system is wrong, but it's not a test I wanna run live.
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If you zoom out a bit, what this looks like is the federal government gradually taking ownership of the country's most successful businesses under the guise of a tax that doesn't actually raise revenue. At bare minimum, this looks very, VERY bad
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FWIW, OECD compares countries' taxes on personal property (including wealth taxes + taxes on capital gains, transactions, gifts, etc.) relative to GDP. The US already taxes this pool at an unusually high rate — it just does it when the money moves https://data.oecd.org/tax/tax-on-property.htm#indicator-chart …pic.twitter.com/RUSdv1zdBn
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OK — Is there any percentage of total ownership stake that you would *not* want the federal government to have? >20%? >50%? Would it have the right to sell its holdings? Borrow against them? Might it eventually try to do either of those things in some roundabout way?
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How is this better than just CGT? Would wild fluctuations in share price mean the IRS get top ups % hand back paper value? Or private co's even more illiquid paper vals? Founders / investors *already* pay this tax on a cash even (much more than 3%!) at value realisation
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