But presumably we're keeping the functional electric vehicle infrastracture, reusable rocketry, a browsable and searchable web, online purchasing, and same-day delivery for absolutely everything, because finders keepers, right?https://twitter.com/BernieSanders/status/1176481898685710337 …
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I'm not sure how this affects the argument. The ways in which wealth is gained and held makes the prospect of somehow disallowing it a very complicated issue but the fact remains that the promise of glitch-in-the-Matrix levels of wealth is not a necessary incentive to innovation.
If your wealth is your ownership stake in your own company, a 5-8% annual tax will force you to sell your controlling interest in a matter of years. No sane person will start a high-risk company where even the best case scenario is that it's sold off piecemeal in under a decade.
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If a sizable chunk of the US tech economy is being predictably sold off annually and founders are getting cut out, stock values are going to plummet. A bunch of endowments & retirement accounts are tied up in VC interests in these firms. Hard to overstate how bad this would be.
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A bunch of middle class and retiree wealth in both the stock market and private retirement plans would vanish, and fresh innovators + investors not currently trapped in the US under the 40-60% exit tax would be out of their minds to come put themselves in the vice. Think.
End of conversation
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