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• Should entrepreneurs pay capital gains tax proportionally based on where they lived while building their companies?
  Strongly

  Agree

  Agree

  Abstain

  N/A

  Disagree

  Strongly

  Disagree
  

  Tom Blomfield

  Group Partner at Y Combinator, cofounded GoCardless and Monzo

  I am Tom Blomfield Add a real quote Report comment

  Taxing unrealized gains is bonkers. But accruing tax on unrealized gains makes a lot of sense. I built Monzo when I lived in the UK and accrued a lot of (paper) gains during that time. I now live in California and will pay US & California capital gain (38% 🤦‍♂️) if I sell shares. But I won’t pay anything in the UK. If Nik from Revolut sells shares as a Dubai tax resident, he will pay 0% capital gains. I feel like we both benefited enormously from the UK and we have a duty to give back. Entrepreneurs should be required to keep a record of their tax residence and the fair market value of their shareholding each year, and then pay capital gains proportionately when they sell. The US solves this by taxing their citizens’ worldwide income, regardless of residence. (source)

  

  

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  Tom Blomfield

  Group Partner at Y Combinator, cofounded GoCardless and Monzo

  I am Tom Blomfield Add a real quote Report comment

  Taxing unrealized gains is bonkers. But accruing tax on unrealized gains makes a lot of sense. I built Monzo when I lived in the UK and accrued a lot of (paper) gains during that time. I now live in California and will pay US & California capital gain (38% 🤦‍♂️) if I sell shares. But I won’t pay anything in the UK. If Nik from Revolut sells shares as a Dubai tax resident, he will pay 0% capital gains. I feel like we both benefited enormously from the UK and we have a duty to give back. Entrepreneurs should be required to keep a record of their tax residence and the fair market value of their shareholding each year, and then pay capital gains proportionately when they sell. The US solves this by taxing their citizens’ worldwide income, regardless of residence. (source)

  

  

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