Gov. McCrory just came back from Silicon Valley with supposed tips about how to foster startups.
Says the Governor:
“Our tax code is not conducive to the first-round investors for venture capital, for high-risk, first-round investors,” he says. “If they make an investment, they often move (the startup) to a no-tax state, with the profits. That means we lose that money and we lose that sweat equity. We want that money to be reinvested in North Carolina.”
Oh really? Venture capitalists are seriously going to uproot the founders of their investments and risk losing them just so they can save a few bucks on their taxes? I have been deeply involved in startups for over 20 years and I have never heard of this happening to a North Carolina startup.
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