Gurley argues taxing unrealized capital gains would undermine entrepreneurial incentives and is nearly impossible to implement.
“this crazy idea to tax unrealized capital gains and how that in and of itself is not only almost impossible to implement, but also would undermine the very incentive that entrepreneurs have to go create businesses.”
Gurley argues that during risk expansion periods, average entrepreneur quality declines as easy capital attracts people from banking and consulting.
“And I think you actually, that entire time that risk is increasing, the quality of your average entrepreneur that's getting funded is actually going down.”
Gurley argues that entrepreneur quality declines during boom times and improves when risk appetite falls.
“I think you actually, that entire time that risk is increasing, the quality of your average entrepreneur that's getting funded is actually going down.”