politics

Stuck my head into X for a second...

I find it reassuring we've got people out there working hard to protect people who have over $100m in assets making sure they don't get taxed as much as the rest of us.

And for the curious who think I contradicted myself...people with over $100m in assets rarely sell them so those capital gains seldom get taxed BUT yet they get access to liquidity for those gains. 

It's been a nice workaround for them for too long. :)

I'm a fiscal conservative, but yeah, I'm totally fine with this.

CEO - Media3 Labs | Join us at /scoop3, an onchain podcast player | Host of The Blockchain Experience podcast /theblockexp | Ex-Samsung | Ex-Hewlett-Packard

NFT creator, collector & founder of
/veg the rule defying art channel and /moxie-mintclub the home for Base/Zora erc-20 token mints Ⓜ️🎩🍖
Wutang 🙌🏻

Totally. 

This is one of the loops that need to be closed off, IMO. 💯

I normally don't tag people like but would love to hear @tayzonday weigh in as he normally has an interesting perspective to share.

They also borrow against these assets at rates no average person can and write the interest off their taxes.
Stash their wealth in shell corps ala the Panama papers.
So many way of “tax avoidance” open to them

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Whatever they want. :) Buy Frosted Flakes, upgrade their iPhone, acquire more assets, etc. 

The underlying issue is they're able to realize those gains without paying tax on it. Can you do that at any asset level? Yes.

But at $100m+, it's a pretty sweet deal...in fact, you can live a comfortable tax free life doing it. 

It's a loophole that, at the very least, needs more guard rails around it. I suspect that's where the compromise will ultimately land on it.

What do they do with the money they borrow?

I told myself I'd stay off X for a while. Got a nice reminder why. So many bad takes.

Crypto twitter is completely unhinged about this election.

https://chainleft.art

Dad, data scientist, blockchain native artist.

Power consolidation=evil.

I was surprised I had gotten this in my feed as I was fairly sure I blocked him a while back

Borovik has always been a clown, all the way through his NFT scams