
What's The Problem?
Dylan Wheeler
718 posts

@_dylanwheeler
🇺🇲 Founder & Software Engineer @_WildCapital, dww.eth • I love humanity, create technology, and write about my experiences #Bitcoin

What's The Problem?

It is reported that Enron cannot keep up with accounting meetings, and that its audit committee is not knowledgeable about the company’s financial situation. The Securities and Exchange Commission (SEC) opens an investigation into Enron’s finances.




My take on California’s “One-Time” Billionaire Tax. It’s much worse than it looks. 📉 Will it pass? Yes, likely. It only needs 50%+1 voter approval. SEIU + CTA have done this before—Prop 55 won 63% in 2016. ⚖️ Will it get tied up in litigation? Almost certainly. Retroactive wealth tax on a tax type CA has never had = due process challenges. Billionaires have the legal budgets for years of fights. 👋 But it’s clearly … only the start. The goal is an annual tax, not one-time. And the target is $25m-50m net worth folks, including illiquid foldings (early stage founders raising a Series B). The “one-time” framing is strategic, not terminal. The same coalition (CTA, CFT, SEIU) already has AB 259 written—an >annual< 1% wealth tax at a >$50M threshold<, with plans to go to $25M. It’s been introduced 3 years running. The one-time tax removes the constitutional barrier. Once that’s gone, the annual version becomes a much easier ballot measure. 🔃 CA Policy Center said: “If SEIU hopes to keep Medi-Cal spending growing, it may need to place repeated wealth taxes on the ballot—potentially lowering the threshold as billionaires flee.” The real risk for founders: At $1B, you’re taxing ~200 people. At $50M, you’re taxing 23,000 households—including most successful founders on paper before any liquidity event. The rational move isn’t to leave when you hit the threshold. It’s to leave—or never incorporate in CA—before you get anywhere close. ✈️ Net net: it will make sense to leave before the Series B. Vinod Khosla nailed it: “Even people who don’t expect this initiative to pass are still planning to leave because there will be another one.” The one-time tax is the constitutional Trojan horse. The annual tax — at a much lower threshold — is already waiting inside.







NEW article by me! We are living through a golden age of vaccine development. worksinprogress.co/issue/the-gold… We can now visualize pathogens down to atoms; design vaccines in weeks; manufacture them in microbial factories; engineer them more precise than ever before. The future holds even greater breakthroughs, but only if we continue to invest in them.


Nothing is more fun than creating intelligence

"If you’ve built an empire, the best possible use of it is to burn its capital like a torch and light up a corner of the future." This goes so hard. @_dylanwheeler hold me accountable to this.

Sergey Brin says retiring in January 2020 was the “worst decision”. He planned to sit at cafes and read about physics all day but started “spiralling”. So, he went back to Google’s office to work with the Gemini team and says “the technical, creative output was very rewarding.”

@TonyKatsabanis @Josevato11 @RockChartrand LMFAO Capitalism is corrupt because humans are greedy. A Capitalist will never say "I've accumulated enough wealth time to spend all the income I don't need in the communities I am closest to!" Capitalism depends on the false premise that competition outperforms co-operation.



you have to show up for people if you want them to show up for you