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Here's what worries me: whether via a punitive income tax bracket or a wealth tax, you're hitting a group that contains some game-players and many more value-creators. If you don't first solve the regulatory capture issue, you funnel the gains straight back to the game-players.
If we bet on a policy as aggressive as Warren's wealth tax, it'd become nearly impossible for ultra-successful entrepreneurs to maintain controlling stakes in their own companies over 1-2 decades. It should not be controversial to say this would be disastrous for the US economy.
Find me a politician who's saying "we need to prevent the AMA from artificially bottlenecking residencies" or "we need to reorganize higher education around student career expectations and implement elements of apprenticeship." Then find me a voting populace who wants to hear it
What positive repercussions could come from knowing you have no ownership or responsibility in 10-20 years no matter how good or bad you do? Would this apply to small business owners like electricians and and painters?
Can you say more about why this would be disastrous for the economy? It's not obvious to me.
Because only a complete idiot would start an ambitious company in a country where he or she would shoulder all the risks and have a near-zero expectation of keeping control in the best-case scenario, and only a complete idiot would fund a such an idiot. Innovation moves day one.
This does support doing it via aggressive estate tax, though - entrepreneurs' children are probably below average replacement ability at running their parents' companies.
I think this IS controversial. I would counter that entrepreneurs are rarely effective over many decades, and children inheriting are nearly always incompetent. You could tax quite hard without changing the incentives in the system if you were careful?
Oh, FFS. It doesn't matter whether you think entrepreneurs are incompetent to run their companies for more than 10 years or so if they say, "fuck you, I'm not starting a company somewhere I don't get to keep it." It's like people have forgotten that airplanes exist or something
By what mechanism would founders lose controlling stake? I assume we are focusing on taxation of personal wealth.
Why would it become nearly impossible for successful entrepreneurs to maintain controlling stakes in their own companies over 1-2 decade with Warren's wealth tax?
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