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If we actually do this, it'll represent the greatest theft from our children and grandchildren in our nation's history. It's not eating the seed corn, it's setting the whole silo on fire to warm our own toes.
Even assuming you'll trap every millionaire + billionaire residing in the US with massive exit taxes, the next generation of founders will not come. If you're planning to feed yourself from whatever you catch in a box marked "Idiot Trap: Enter Here," you'll soon be very hungry
The incentives will change, and "obscene" accumulations of wealth will become less attractive, but would not necessarily deter ambitious people from attempting to "win" at whatever they take up. Seems to me like a more important motivation for transformative success.
Nobody is going to stop building companies, they'll just do it somewhere where they can still maintain ownership over their own companies over 1-2 decades, and they'll get funding from investors who aren't scrambling to sell off the fund chunk by chunk annually
Hey Mason, do you know what the top marginal tax rate was when Gates founded Microsoft?
The wealth tax rate was 0%
Yes but you will feed kids in the process.
Just think of all the meat we'll have when we murder the golden goose
I am a founder and I am not remotely deterred by the idea of higher taxes on extreme success. Not even a little. I dont know a single successful founder who is motivated primarily by the money.
I would really, really not advertise the fact that you don't particularly mind losing your stake in your own company when you're seeking investment
Don't forget that it would give rich US investors a 2/6 point discount rate handicap vs foreigners pursuing the same deal. Who will pay for the wall she'll need to build to prevent 100% foreign ownership of US assets?
A Wealth Tax of 3% to 6% will cause a massive asset price collapse, followed by a capital crisis, followed by an economic catastrophe.
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