(03-02-2020 03:57 PM)mrbig Wrote:  

(03-02-2020 11:50 AM)Owl 69/70/75 Wrote:  More importantly, if I'm an entrepreneur starting out, and I hope to build a company worth $50 million or more, then that tax is going to cause me to think twice about starting it here in the US. I personally am probably going to go elsewhere.

Not to be nit-picky, but this seems silly. If you are an entrepreneur starting out, you likely don't have enough capital to literally move yourself and any family to another country. Did OO's dad have the ability to move his family to another country in case he eventually crossed the $50 million mark? Only using OO because he discussed his dad's entrepreneurial spirit and endeavors, no one in my immediate family ever started a business.
The idea that a US Citizen of modest means would flee the country to start a business in fear that they might some day be taxed when their personal wealth exceeded $50 million is mind boggling. The idea that someone already worth $49 million might flee the country to avoid such a wealth tax sounds more likely.

Jeff Bezos, Bill Gates, Steve Jobs, others come to mind. Maybe they didn't plan on being worth $50 million or more when they started. But they dreamed. And by the time they hit 25, they pretty much knew where things were going. And yes, I expect anyone worth $50 million or anywhere close to be looking hard at getting out before Bernie can swoop down on them.

I had a discussion the other day with a guy who works in corporate finance. He said that everybody he knew was taking a hard look and working on a contingency plan if Bernie were elected.