Alex Imas

And, you know, I mean, this happened with the income tax, of course, right?

It starts low.

It's like for war or something.

And then it slowly and slowly escalates until the marginal tax rate in the U.S.

is probably on the order of income tax rate is like 40% or something.

And in certain states, upwards of 50%.

With a capital tax, is there a reason to worry?

Would that distort investment?

Because people would just be like, why would I invest in Anthropic or Intel?

The government is going to take larger and larger shares of it and dilute my share.

So you're suggesting there could be a tax that is some sort of optimal tax.

We're taxing externalities or we're taxing land or we're

I guess we probably need to tax something other than just those two things.

Okay.

So a consumption tax, like a European value added tax type thing that allows the government to go buy a bunch of stocks and then they just distribute those stocks to everybody.

All right, I'm curious to understand, people talk about whether there's a white collar apocalypse already.

Is there any evidence that suggests that there is mass automation or unemployment as a result of AI already?

So as you're saying, the growth is slower than before.

Yes.

But there is still growth even on entry-level software engineers.