Comment Re:How exactly does a 50% tax on stock value work? (Score 1) 87
I'm also not opposed to the idea. Not because of a supposed concentration of wealth. Musk does not have a trillion dollars, taken from elsewhere, sitting in a giant warehouse somewhere; it's all stock in a massively overvalued company that he built. His riches do not make us poorer. And I don't envy him his wealth, he's welcome to it.
What I do have an issue with, is the concentration of power this represents. Wealth, whether in actual dollars, publicly traded stock or private stock, represents an undue amount of influence in politics. If we're doing a tax on large companies, or a wealth cap, this would be the reason I'd agree with it. Not a sense of "fairness".
"OpenAI hasn't had their IPO yet, so couldn't they just find some kind of workaround to avoid this?"
Not necessarily. The tax could be paid in stock, in fact that would not be a bad idea. So that the control of important companies does not remain in the hands of a handful of individuals. Again, the only justification of this would be to prevent a concentration of power.
What I do have an issue with, is the concentration of power this represents. Wealth, whether in actual dollars, publicly traded stock or private stock, represents an undue amount of influence in politics. If we're doing a tax on large companies, or a wealth cap, this would be the reason I'd agree with it. Not a sense of "fairness".
"OpenAI hasn't had their IPO yet, so couldn't they just find some kind of workaround to avoid this?"
Not necessarily. The tax could be paid in stock, in fact that would not be a bad idea. So that the control of important companies does not remain in the hands of a handful of individuals. Again, the only justification of this would be to prevent a concentration of power.