Read on Twitter
Startups (founders + employees) work 10 year with below market salary hoping for equity value. With 43.4% capital gains, in California, that is 56.4% tax. Estate tax takes 40%. Spend your life creating to give 73.8% to the govnt. Buy over priced real estate. Effective tax 90%.
Including this https://twitter.com/kyunbit/status/1385337702514524162
Apparently the highest cap gains in history https://twitter.com/geostan77/status/1385358987890094089
This is what happens to engineers in the Bay Area https://twitter.com/zachtratar/status/1385020526398115841
For the people say 11m is the estate exemption. Good news for you. Biden’s tax plan proposes reducing the exemption to $3.5 million: https://www.thinkadvisor.com/2021/04/07/4-biden-tax-proposals-that-could-shake-retirement-estate-plans/#:~:text=Over%20the%20past%20several%20years,estate%20taxes%20will%20increase%20significantly.
Average age of successful founders is 45:
https://hbr.org/2018/07/research-the-average-age-of-a-successful-startup-founder-is-45#:~:text=Debunking%20the%20Myth%20of%20the,founded%20their%20companies%20is%2042
10 years is 55. As I recall social security starts at 62. Why is it controversial to think about estate tax?
https://hbr.org/2018/07/research-the-average-age-of-a-successful-startup-founder-is-45#:~:text=Debunking%20the%20Myth%20of%20the,founded%20their%20companies%20is%2042
10 years is 55. As I recall social security starts at 62. Why is it controversial to think about estate tax?
Implement socialism like Europe then disincentive entrepreneurship and allow the rich be rich forever and doesn't have dynamic entrepreneurship. "The richest families in Florence in 1427 are still the richest families in Florence" https://qz.com/694340/the-richest-families-in-florence-in-1427-are-still-the-richest-families-in-florence/
If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs https://www.npr.org/sections/money/2019/02/26/698057356/if-a-wealth-tax-is-such-a-good-idea-why-did-europe-kill-theirs
The U.S. has ergodicity which means that rich people fall in rankings as much as other people rise. The rich in 2020 is not the same as 2015 and that dynamism you don't see in places like Europe https://medium.com/incerto/inequality-and-skin-in-the-game-d8f00bc0cb46
