My district is $18 trillion, nearly 1/3 of US stock market in a 50 mile radius. We have 5 companies with a market cap over a trillion dollar companies. If I can stand up for a billionaire tax, this is not a hard position for 434 other members or 100 Senators.
Those saying that we wouldn't have a future NVIDIA in the Bay if this tax goes into effect are glossing over Silicon Valley history. Jensen was at LSI Logic and his co-founders at Sun. He started NVIDIA in my district because of the semiconductor talent, Stanford, innovation networks, and venture funding. We have 37 times the VC money as Austin given the innovation ecosystem & Florida isn't even on the map. Jensen wasn't thinking I won't start this company because I may have to one day pay a 1 percent tax on my billions. He built here because the talent is here.
AI was created with our tax dollars. ImageNet was created by Fei-Fei Li at Stanford using NSF money. This was a visual database. Hinton presented at an ImageNet conference his famous paper. The seminal innovation in tech is done by thousands often with public funds. NSF, DARPA, Stanford, Berkley, San Jose State, Santa Clara and the UCs are the foundation for what has made Silicon Valley a powerhouse. It's why we won 5 Nobel Prizes this year in the UC system.
Yes, we need entrepreneurs to commercialize disruptive innovation. Stanford blazed a trail in licensing technology & partnering with the private sector. The university enabled companies like Google which began as a research project called BackRub, looking at back links to rank pages. And entrepreneurs like Brin & Page reap huge rewards when they succeed. But the idea that they would not start companies to make billions, or take advantage of an innovation cluster, if there is a 1-2 percent tax on their staggering wealth defies common sense and economic theory @paulkrugman@DAcemogluMIT@baselinescene.
We cannot have a nation with extreme concentration of wealth in a few places but where 70 percent of Americans believe the American dream is dead and healthcare, childcare, housing, education is unaffordable. What will stifle American innovation, what will make us fall behind China, is if we see further political dysfunction and social unrest, if we fail to cultivate the talent in every American and in every city and town.
The industrial revolution saw soaring inequality in Britain for nearly 60 years. On the continent, it lead to revolutions in France with worker uprisings (1848) and contributed to one in Russia (1917). America's central challenge is to make sure the AI revolution works for all of us, not just tech billionaires.
So yes a billionaire tax is good for American innovation which depends on a strong and thriving American democracy.
Now the coverup is out in the open. This is far from over.
Everyone involved will have to answer for this. Pam Bondi, Kash Patel, whole admin.
Protecting a bunch of rapists and pedophiles because they have money, power, and connections.
Bondi should resign tonight.
@JDVance “There is something deeply hypocritical about praying for a problem you are unwilling to resolve.” ~ Miroslav Volf
Prayer without action is nothing but theater.
Robert F. Kennedy Jr’s explanation for socializing with Jeffrey Epstein:
"…I run into everybody in New York. I mean, I knew Harvey Weinstein, I knew Roger Ailes, I knew -- O.J. Simpson came to my house. Bill Cosby came to my house.”
There is no rational reason, other than greed, for Novo Nordisk to charge Americans nearly $1,000 a month for Ozempic when it costs less than $5 to manufacture it and can be purchased in Germany for just $59. Novo must substantially reduce the price of Ozempic in the US now.
@VitalikButerin The land is not the governments to tax; you’re not buying anything from them
And the typical person does not have cash on hand to invest @ purchase. Plus you’d need good timing and market every year…
Your statement defines a mortgage
Never Forget:
83% of the Trump tax breaks are going to the top 1%.
87% of Biden's student loan benefits are going to individuals making $75,000 or less and 0% are going to the top 1%.
Yes. It's about time we stood up for working class families.