I'm not sure I buy the premise that a few percentage points tax difference in short term angel investments in Silicon Valley will have any effect. For one, ange

I'm not sure I buy the premise that a few percentage points tax difference in short term angel investments in Silicon Valley will have any effect. For one, angels are aiming for a relatively rare 5-10X (or more) return, so a few percent of 10X is still nothing. Most of these investments are losers. That's just how VC/angel works. Second, I don't think these types of companies really employ anyone. For example, Twitter employs fewer than 4,000 people.