i asked a 28 year old how he would implement "wealth tax".
he has a lawn mowing company that makes 100,000 per year.
i asked him how much he would sell the company for: "1,000,000"
next, i asked, how much the tax would be. 5%
he has to sell 5% of his company to someone else every year to pay the tax.
by the end of year 10, he's lost control of the company.
then he said it would only be for large public companies.
but that means all the public companies won't be able to have founder-leaders with controlling voting share...
so the wealth tax isn't about wealth. it's about ownership of the companies.
it means the government will own everything.
ok, i know i took a few leaps of logic here, but you get the idea.
a lot of people have the idea that the government should make everything "Risk-free". but the whole point of the public markets is to allow the common person to make investments in risk.
if i learned anything from Cathie Wood, it is we want those investments like SpaceX to be in public markets. otherwise only the wealthy private investor people get all the gains.
