The importance and contribution of companies that were started with venture capital has only increased. Venture capital backed companies are now well over half of the value of the SP500 stock index.

Tax increases get passed along. The rich run the companies everyone buys and gets their goods and services. The National Bureau of Economic research reports that adding a tax increase of 1 percent lowers GDP by 2-3 percent.

Tax changes have very large effects: an exogenous tax increase of 1 percent of GDP lowers real GDP by roughly 2 to 3 percent.

Proposing exogenous tax increases of 10% would reduce GDP by 20-30%.

25% taxes on unrealized gains would destroy the startup and venture capital economic engine.