alt Hacker NewsWe do have a lot of policy levers that are tilted in favor of making money in finance, though, and we could change those levers.
- The carried interest loophole
- We could add small transaction taxes
- We could raise capital gains taxes
- We could be a little more focused on enforcing antitrust
- We could raise higher end marginal tax rates to reduce the relative attractiveness of off-scale payrate jobs
- We could provide better universal services to do the same
Replies
logicchains • yesterday at 2:06 PM
>long-term societal importance without bringing in any form of centralized resource allocation.
The onus is on the biomedicine industry to demonstrate it's capable of producing anything of societal importance because so far it's largely failed to deliver. There's nothing noble or scientific about throwing good money after bad into an industry that's continuously failed to deliver.
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I'm not sure you could alter these without significant negative effects on the other things you're trying to encourage.
It's not like capital is uninvolved in the provision of biotech, or that medical startup founders aren't also motivated by massive tax-efficient future payouts, for example.
If anything I'd think you'd want to encourage the movement of investment into riskier bets, which would generally mean _decreasing_ capital gains taxes.