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Defrag
46.9K posts
Defrag
@defrag
Investor. Writer. Investing: SK Ventures. Not often found in cities.
Siesta Key เข้าร่วม Eylül 2007
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How to make Florida even more crowded -- pass NY Senate Bill S8921.
Trace Cohen@Trace_Cohen
New York is about to make a $28.5B mistake #QSBS NY Senate Bill S8921 would tax startup gains that are tax-free federally and in most states. Retroactive to Jan 1, 2025. The data on what's at stake: 1. $28.5B in NYC VC investment in 2024 (2nd in the US) 2. $174.5B in startup exit value over 6 years 3. 809,000 ecosystem jobs, $291B in economic output 4. A founder with a $10M exit would owe $1.48M in new state/city tax 5. NY already lost $111B in AGI to interstate migration over the past decade 6. The feds just EXPANDED QSBS benefits. NY wants to eliminate them. 7. NJ just adopted QSBS conformity. NY would move against its own neighbor. I built a full research-backed analysis with interactive stress testing (not perfect but good enough to show the impact and make a point) valueaddvc.com/ny-qsbs
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Defrag รีทวีตแล้ว
Anyone proposing taxing of *unrealized gains* - and it doesn't matter on whom - is profoundly stupid. One of the worst ideas we've seen in modern times. Vote against anyone considering this, and if you have to leave the state before it's too late. Economically illiterate clowns
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Defrag รีทวีตแล้ว
NY is trying to plug a budget hole by retroactively taxing startup exits (by decoupling from QSBS)😔
California did something similar in 2012, but fun fact: it was not for budget reasons.
CA used to offer QSBS tax breaks only if companies did most of their business in California. In 2012, it was ruled unconstitutional because it discriminated against out-of-state businesses.
So instead of fixing it, California repealed its QSBS benefits entirely and applied that change retroactively, clawing back money from people who had exits years earlier.
California’s ecosystem gravity is too strong for a 13.3% state tax difference to overcome, but it does accelerate the relocation calculus for individual founders approaching a liquidity event, I know plenty of people who moved before a liquidity event, and the same is likely to happen in NY.
NY, CA, and WA are all trying their hardest to see who can be the least entrepreneur-friendly.
nihal@nihalmehta
New York is about to make a massive mistake. The NY State Senate is advancing a proposal to decouple from federal QSBS (Section 1202) — the tax provision that lets startup founders exclude gains on qualifying exits. If this passes, founders would owe 10-13% in combined state and city tax on exits that are tax-free at the federal level and in nearly every other major tech state. Even worse: it's retroactive to January 1, 2025. This comes right as the federal government just expanded QSBS benefits and New Jersey moved to full conformity. New York wants to go in the opposite direction. As a seed investor in NYC who has backed hundreds of companies, I can tell you: founders are mobile. If New York becomes one of the most punitive states for startup exits, the best founders will simply build somewhere else — and the jobs, tax revenue, and innovation will follow. NYC has built something special over the last two decades. This proposal puts it all at risk for a short-sighted revenue grab. If you're a founder, investor, or anyone who cares about the NYC tech ecosystem — please sign the TechNYC open letter before Monday below 👇🏾👇🏾👇🏾 Keep building, NYC 🗽
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NY -- striving to make the state completely inhospitable for founders.
Jason Shuman@JasonrShuman
NY is about to cost founders a million dollars…and the state even more NJ changed its QSBS rules recently and recognizes QSBS. Why in the world is NY going to push founders to move to New Jersey? Haven’t we learned that we compete with other states? Retweet to spread the word that we can’t let this happen
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Defrag รีทวีตแล้ว
New York is about to make a massive mistake. The NY State Senate is advancing a proposal to decouple from federal QSBS (Section 1202) — the tax provision that lets startup founders exclude gains on qualifying exits. If this passes, founders would owe 10-13% in combined state and city tax on exits that are tax-free at the federal level and in nearly every other major tech state. Even worse: it's retroactive to January 1, 2025. This comes right as the federal government just expanded QSBS benefits and New Jersey moved to full conformity. New York wants to go in the opposite direction.
As a seed investor in NYC who has backed hundreds of companies, I can tell you: founders are mobile. If New York becomes one of the most punitive states for startup exits, the best founders will simply build somewhere else — and the jobs, tax revenue, and innovation will follow. NYC has built something special over the last two decades. This proposal puts it all at risk for a short-sighted revenue grab.
If you're a founder, investor, or anyone who cares about the NYC tech ecosystem — please sign the TechNYC open letter before Monday below 👇🏾👇🏾👇🏾
Keep building, NYC 🗽
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Defrag รีทวีตแล้ว
Any NY-based founders or investors tracking this? State Senate wants to kill QSBS at the state level, retroactive to January 2025. Budget vote is in weeks. Is anyone organizing pushback?
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This is a ridiculously bad idea wherever it is proposed.
Shai Goldman@shaig
another bad move by NY State there is a bill being pushed that would end QSBS this is a move to get more tax revenue , as the state is in bad financial shape rather the cut expenses, the only focus is increasing taxes
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@jeffnolan It's not that -- it's the complete lack of operational security. This is basic shit.
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@defrag Seems like the location of an aircraft carrier would be difficult to keep secret in the Med
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@shanepearson and I don't want it paid for as a congressional benefit. they have to pay for that themselves.
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@defrag They should get in line like everyone else or pay for Clear and/or Pre-check and get in that line... No line cutting
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Wrong. Members of Congress should NEVER be escorted to the front of the TSA lines.
Greta Van Susteren@greta
UNTIL members of the House and the Senate fund DHS (TSA), they should not be escorted to the front of the TSA lines. They should report to the airport like their constituents and stand in line for 2 plus hours.
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They should start by shutting down all airports within 90 miles of D.C....also, it wouldn't hurt my feelings if they shut all airports in Florida.
Leading Report@LeadingReport
BREAKING: If DHS shutdown continues, multiple airports may be forced to shutdown, per top TSA agent.
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Defrag รีทวีตแล้ว
Americans are extremely worried about their jobs:
The perceived probability for households to find a new role within 3 months after a job loss is down to 44.0%, the 2nd-lowest on record.
This percentage has declined -12 points since October 2024.
To put this into context, the 2020 pandemic low was 46.2% while the 2013 bottom was 45.7%.
This comes as hiring activity remains at historically depressed levels.
The US hiring rate stands at 3.3%, the 2nd-lowest since the 2020 low and in-line with levels seen in the middle of the 2008 Financial Crisis.
Furthermore, employers announced plans to hire 18,061 people in January and February, down -56% from the same period in 2025.
US job market weakness is accelerating.
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@jeffnolan agreed that the job market will get remade/reshaped -- but I think there is a hollowing out that will change consumption patterns by large segments of the white collar economy. also, this: paulkedrosky.com/ai-and-the-ris…
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I have open positions that I’m hiring for right now, and Claude cowork, along with agentic capabilities, is fundamentally changing how I hire. It’s not as simple as paying more or paying less, hiring experience versus inexperience. I’m looking for people who have attributes fit with AI native. I agree that it’s probably is deflationary, but the bigger picture is that the labor market is going to reset in many segments. I’m not opposed to paying premium, but I’d want that person to be 10 X what I would’ve hired a year ago. I really feel for college graduates who are just entering the labor force, and I have a son who is almost in that category.
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Let me say this again: AI is a deflationary bomb.
Clara Shih@clarashih
AI isn't just coming for junior software engineers in Big Tech. @karpathy just used Gemini to score AI exposure (0-10) across 143M US jobs in 342 BLS categories: • High/very high exposure (~60M jobs, $4T+ in wages): billing specialists, secretaries, many desk-based roles • Low/minimal exposure (~53M jobs): home health aides, carpenters, hands-on trades • Jobs paying <$35K are least exposed. Those >$100K are most exposed In a reversal from a decades-long trend, it is cognitive work rather than manual labor that is in the crosshairs. Data + viz 📈: karpathy.ai/jobs
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