Trevor

Tax the rich is a recurring theme. And that's actually a great jump off point here because the big news in our circles this week and on social media was and some of the group chats. is that Harris has reportedly backed some of Biden's really out there tax plans, which include a proposed 25% wealth tax on people with over $100 million in assets.

Important to note that this would be very hard to pass because getting these tax increases, you'd have to get through Congress, et cetera. But let's just talk about what the proposal is because it's out there.

Important to note that this would be very hard to pass because getting these tax increases, you'd have to get through Congress, et cetera. But let's just talk about what the proposal is because it's out there.

in Biden's 2025 tax plan, which the campaign has said to Semifor, which is a niche publication, like a newsletter company, that, and I'll just give the quote, in a little notice portion of its Friday analysis of Harris's new economic plans, the Committee for a Responsible Federal Budget wrote that her campaign said,

in Biden's 2025 tax plan, which the campaign has said to Semifor, which is a niche publication, like a newsletter company, that, and I'll just give the quote, in a little notice portion of its Friday analysis of Harris's new economic plans, the Committee for a Responsible Federal Budget wrote that her campaign said,

it endorsed the suite of revenue options included in President Joe's recent budget. And that's the FRB report said, quote, the campaign has communicated to us that Vice President Harris continues to support all of the revenue raising provisions in the president's 2025 budget. So there is continuity confirmed between Harris and Biden's plans.

it endorsed the suite of revenue options included in President Joe's recent budget. And that's the FRB report said, quote, the campaign has communicated to us that Vice President Harris continues to support all of the revenue raising provisions in the president's 2025 budget. So there is continuity confirmed between Harris and Biden's plans.

I'll just explain as simply as I can what this extreme plan says, and then I'll get Chamath your take on it. Biden's proposed 2025 tax plan includes the following. 25% unrealized cap gain tax on those with over 100 million assets. 28% corporate tax rate. Right now it's 21. Trump had proposed a 15% rate and quadrupling the stock buyback tax to 4%.

I'll just explain as simply as I can what this extreme plan says, and then I'll get Chamath your take on it. Biden's proposed 2025 tax plan includes the following. 25% unrealized cap gain tax on those with over 100 million assets. 28% corporate tax rate. Right now it's 21. Trump had proposed a 15% rate and quadrupling the stock buyback tax to 4%.

That's when a company buys their own shares as opposed to putting it to work in the market. The stock buyback tax was created as Biden's Inflation Reduction Act of 2022. It's just 1% if you want to buy back your shares like Apple and some other companies do.

That's when a company buys their own shares as opposed to putting it to work in the market. The stock buyback tax was created as Biden's Inflation Reduction Act of 2022. It's just 1% if you want to buy back your shares like Apple and some other companies do.

But let's unpack the 25% unrealized cap gains, because that seems to be, you know, the most, let's say, I don't want to say triggering, but the one that's triggered the most number of people. There's 5,000 people who fit into that category. What do you think, Chamath, of this proposal? Fair? Unfair?

But let's unpack the 25% unrealized cap gains, because that seems to be, you know, the most, let's say, I don't want to say triggering, but the one that's triggered the most number of people. There's 5,000 people who fit into that category. What do you think, Chamath, of this proposal? Fair? Unfair?

Anti-American?

Anti-American?

And you're referring to removing, I think you're implying people might be able to move to other places and create companies there. Is that what I'm reading into it?

And you're referring to removing, I think you're implying people might be able to move to other places and create companies there. Is that what I'm reading into it?

You already have a bunch of hedge fund manners moving over there, right, Shamath? People are starting to buy apartments in Abu Dhabi.

You already have a bunch of hedge fund manners moving over there, right, Shamath? People are starting to buy apartments in Abu Dhabi.

And that was during World War II and the post-war era. Freeberg, your thoughts on this proposal specifically, which impacts a very small number of people, although maybe a high percentage here.